Altcoins Take the Main Stage With Impressive Gains as BTC Stalls at $94K (Market Watch)
2024-12-24
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Bitcoin’s underwhelming price performance continues as the asset slipped below $93,000 yesterday but now sits at around $94,000.
In contrast, many altcoins have produced a lot more impressive increases over the past 24 hours, including ETH, XRP, BNB, and others.BTC Stalls at $94K
It was precisely a week ago when the primary cryptocurrency was flying confidently above $100,000 and even registered an all-time high of over $108,000. However, the landscape started to change later that day and especially on Wednesday after the last FOMC meeting for the year.
BTC dropped to $105,000 at first, but the bears pushed it south a lot harder on Thursday and Friday. The correction culminated on Friday, at least for now, with a pricedumpto $92,000.
The bulls finally reemerged at this point and didn’t allow a breakdown beneath $90,000. In fact, BTC bounced off during the weekend and even jumped above $99,000 on Saturday. Nevertheless, that wasshort-livedonce again, and the asset plummeted once again at the start of the current business week to under $93,000 yesterday, perhaps due to therising net outflowsfrom the US-based ETFs.
Despite recovering some ground since that daily low, bitcoin is still sluggish at around $94,000. Its market cap is well below $1.870 trillion on CG, while its dominance stands close to 54%.Altcoins Outperform
Interestingly, while BTC is down by 1% in the past day, most altcoins have turned red. ETH, BNB, XRP, DOGE, ADA, TRX, and SHIB have posted gains of around 2-3%, while AVAX, LINK, and SUI have jumped by 5-6%.
Even more impressive daily price increases come from the likes of HBAR and AAVE, both of which have jumped by double digits.
The biggest gainers from the top 100 alts include VIRTUAL (24%), PENGU (16%), BGB (15%), HNT (13%), and MOVE (13%).
The total crypto market cap has added around $20 billion since yesterday and is above $3.460 trillion now.