Market Update: Bitcoin Slips Below $104K, Altcoins Follow Suit
Bitcoin’s price increase on Friday was stopped at $107,000, and the asset was pushed south by roughly three grand.
Most altcoins are in the red as well today, with SOL and LINK standing out as the biggest losers within this timeframe from the larger caps.
BTC Slips to $104K
All eyes in the community were on the US inauguration ceremony on Monday as the self-proclaimed ‘crypto President’ was about to be sworn in. Even before that highly anticipated event, BTC’s price went on a rollercoaster, dumping by several grand on Monday morning just to surge to a new all-time high hours later at over $109,000.
Once Trump’s speech finished, it became evident that he had ignored the crypto industry, and bitcoin headed straight south, losing five grand within minutes.
Nevertheless, it bounced off and maintained within six-digit territory. Moreover, it climbed on Thursday and Friday and tapped $107,000 yesterday. This is where the bears stepped up and didn’t allow any further increases. Just the opposite, BTC lost about three grand since then and now sits at just over $104,000.
Its market capitalization has retraced to $2.060 trillion on CG, while its dominance remains strong at 55.5%.
TRUMP Plunges
Most altcoins have turned red on a daily scale. Ethereum was stopped at $3,400, and a 4% decrease since yesterday has pushed it to under $3,300. XRP is close to breaking below $3.1 after a 3% drop. Similar declines are evident from DOGE, ADA, AVAX, and XLM.
More painful price drops come from Solana, SUI, and Chainlink, with losses of up to 6%. Nevertheless, the poorest performer from the top 100 alts is Donald Trump’s official meme coin. TRUMP has plunged by over 20% in the past day and now trades below $28.
The cumulative market cap of all crypto assets has seen about $80 billion gone in a day and is down to $3.720 trillion on CG.
Crypto Market Overview
As of this writing, the cumulative market cap of all crypto assets is at $3.720 trillion, with Bitcoin making up around 55.5% of the total.
Among the top 100 alts, most coins are trading in the red. Ethereum has fallen by 4% to below $3,300, while XRP is close to breaking below $3.1.
The poor performers in the top 100 alts include Solana, SUI, and Chainlink, which have all fallen by 6% or more.
Conclusion
Bitcoin’s price increase on Friday was halted at $107,000, and the asset has since fallen by about three grand, currently trading at just over $104,000. Most altcoins are also in the red, with the cumulative market cap of all crypto assets having lost around $80 billion in a day.
FAQs
Q: Why did Bitcoin’s price increase on Friday stop at $107,000?
A: The bears stepped up and didn’t allow any further increases. Just the opposite, BTC lost about three grand since then.
Q: What happened to the altcoins?
A: Most altcoins are in the red today, with SOL and LINK standing out as the biggest losers within this timeframe from the larger caps.
Q: How did the cryptocurrency market perform overall?
A: The cumulative market cap of all crypto assets has seen about $80 billion gone in a day and is down to $3.720 trillion on CG.
Q: Which altcoins were the poorest performers?
A: The poorest performers in the top 100 alts include Solana, SUI, and Chainlink, which have all fallen by 6% or more. TRUMP, Donald Trump’s official meme coin, has plunged by over 20% in the past day.
