The long-awaited Santa Claus rally is nowhere to be seen as bitcoin continues to lose value falling below $94,000.
Altcoins are also mostly in the red, with XRP falling 6% and XLM doing the same.
BTC fails recovery
It hasn’t been a particularly hopeful end to 2024 on a micro scale. The asset began its painful fall on December 17 when its price surpassed $108,000. In just three days, it had lost around $16,000 and fell to $92,000.
The bulls intercepted the move and helped avoid a further decline below $90,000. In fact, BTC started to regain some ground and shot towards $100,000 on a couple of occasions, but to no avail. The last such example was on December 26 when BTC touched that line but was quickly rejected once again.
The subsequent drop pushed it lower and the asset fell to $95,000 over the weekend. However, the outlook worsened in the last 24 hours and fell further to $93,000. Despite bouncing off that level, for now, BTC is still down more than 1% on the day.
Its market capitalization has plummeted to less than $1.86 trillion in CG, and its dominance over alts stands at 54%.
XRP continues to bleed
Most altcoins are back in the red today. The trend is led by XRP, which continues its decline and is now close to breaking below $2. If it falls below that level, analysts predict another massive drop towards the dollar.
XLM has also fallen sharply relative to larger cap alternatives, losing almost 5% of its value and trading well below $0.35. BNB, SOL, DOGE, ADA, TRX, AVAX, LINK, TON, SUI and many others are also in the red, although in a less painful way.
The total crypto market capitalization has lost another $60 billion since yesterday and is down to $3.43 trillion in CG.
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Cryptocurrency charts by TradingView.
