Bitcoin Rejected at $96,000 as New Year Begins with Altcoin Corrections (Market Watch)

Bitcoin price hit a daily high of $96,000, but quickly stopped there and pushed down a few thousand in a matter of hours.

Altcoins are also struggling today, with ETH falling to well below $3,400, SOL falling to $190, and ADA falling to $0.85.

BTC stopped at $96K

The leading cryptocurrency had a painful end to an otherwise bullish year, as it fell from its last all-time high of $108,300 to $92,000 within days in mid-December. Although it initially bounced and approached $100,000 on a couple of occasions, the bears quickly intercepted the moves and did not allow any further gains.

Quite the contrary, BTC began to lose value in the following days, culminating on Monday with a drop to $91,300. This became its lowest price in just over a month.

The bulls managed to intercept the move and took BTC to $95,000 later in the day and as high as $96,000 on Tuesday. However, this was another false breakout and the cryptocurrency is down almost three thousand dollars since then to just over $93,000 as of now.

Its market capitalization has fallen below $1.85 trillion in CG, while its dominance over altcoins remains strong at 54.3%.

Alts back in red

Altcoins didn’t enjoy the final days of 2024 either, and the start of the new year is looking quite familiar. Ethereum has lost almost 2% of its value and is well below $3,400. Similar price drops are evident in SOL, DOGE, ADA, AVAX, TON and DOT.

Even more painful declines are evident in Chainlink, SUI, HBAR, and APT. In the case of LINK, the price drop is almost 5%, which has taken it below $20.

In contrast, XRP finally posted a minor increase after a difficult week, while VIRTUAL, OM, and

The total crypto market capitalization has lost around $30 billion and is down to $3.4 trillion in CG.