Bitcoin Rejected at $96K as New Year Begins With Altcoin Corrections (Market Watch)

Bitcoin’s price went to a daily high of $96,000 but was quickly stopped there and pushed south by a few grand within hours.

The altcoins are also struggling today, with ETH dumping to well below $3,400, SOL down to $190, and ADA slipping to $0.85.

BTC Stopped at $96K

The primary cryptocurrency had a painful end to an otherwise bullish year as it dropped from its latest all-time high of $108,300 to $92,000 within days in the middle of December. Although it bounced off initially and neared $100,000 on a couple of occasions, the bears were quick to intercept the moves and didn’t allow any further gains.

Just the opposite, BTC started to lose value in the following days, which culminated on Monday with a plunge to $91,300. This became its lowest price tag in just over a month.

The bulls managed to intercept the move and drove BTC to $95,000 later that day and up to $96,000 on Tuesday. However, this was another false breakout and the cryptocurrency is down by nearly three grand since then to just over $93,000 as of now.

Its market capitalization has slumped beneath $1.850 trillion on CG, while its dominance over the altcoins remains strong at 54.3%.

Alts Back in Red

The alternative coins didn’t enjoy the last days of 2024 either, and the beginning of the new year is rather familiar. Ethereum has lost nearly 2% of value and is well below $3,400. Similar price drops are evident from SOL, DOGE, ADA, AVAX, TON, and DOT.

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

In contrast, XRP has finally charted a minor increase after a tough week, while VIRTUAL, OM, and XMR have gained around 5-7% each.

The total crypto market cap has shed about $30 billion and is down to $3.4 trillion on CG.