BTC’s relief rally over the past few days was halted yesterday as the asset was halted at $100,000 and pushed south hard.
As expected, altcoins suffered even more, with substantial price declines from LINK, AVAX, ADA, SUI and many others.
Bitcoin Stopped at $100,000
Bitcoin suffered a massive correction last week following the latest FOMC meeting. It went from $108,000 to $92,000 in just a few days. It rebounded on Friday and Saturday as bulls pushed it to near $99,500.
However, it failed there and came back strongly again at the start of the business week towards $92,000. At this point, the bulls stepped up again and initiated a notable price increase that pushed bitcoin to $99,200 on Christmas Eve and nearly $100,000 last night.
But once again, the cryptocurrency was shut down at this point. The ensuing rejection pushed it south hard, as the asset now struggles below $96,000.
Its market cap fell to less than $1.9 trillion on CG, while its dominance on alts increased to 54.6%.
Alts are bleeding
Alternative coins have also seen gains over the past few days, but red now dominates all charts. Ethereum was stopped at $3,500 and is sitting below $3,400 after a 3.5% daily decline. Similar declines are evident for XRP, DOGE, SOL, BNB, TRX and TON.
Even more painful corrections come from companies like ADA, AVAX, LINK, SHIB, HBAR, XLM and DOT, with losses of up to 9%. AAVE fell 10%, as did ONDO and HYPE.
The cumulative market capitalization of all crypto assets lost over $100 billion and fell to $3.460 trillion on CoinGecko.
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Cryptocurrency charts by TradingView.
