Bitcoin Price Struggles Below $100K but These Altcoins Outperform (Market Watch)
2025-02-05
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The most recent price action of Bitcoin and the broader cryptocurrency markets reflects the disappointment in the most recent press conference held by the crypto and AI czar in the US – David Sacks. Markets are shaky and unconvincing, clearly suggesting that investors were expecting something more.Bitcoin Price Struggles Below $100K
After recovering above the pivotal psychological and, to some extent – technical level of $100,000, Bitcoin’s price tumbled yesterday. The buyers were unable to defend this point, allowing the bears to take control and push it down to where it currently trades below $98,000. This reflects a decrease of around 1.4% over the past 24 hours.
That said, there’s a clear reason for the decline. The drop coincided with the press conference held by the US crypto and AI czar under Trump’s administration – David Sacks. Speaking for the first time since he was elected, Sacks shed some light on their future plans concerning crypto, and it appears that investors were disappointed. Many expected the confirmation of a Bitcoin-only strategic reserve, while the politicians said they are currently exploring both options – a single-asset reserve and a “digital asset” stockpile- as President Trump has tasked them to explore the feasibility of both.
Moreover, Sacks said their very first priority would be on regulating stablecoins and that he expects laws to pass Congress in six months.
Politics aside, Bitcoin’s dominance – the metric used to gauge its share relative to that of the rest of the market – is currently at a 4-year high, standing tall at 58%.Some Altcoins Soar
Building on the above, the fact that Bitcoin’s dominance is that high simply means that altcoins are failing to keep up. This can be clearly observed in their weekly performance.
While Bitcoin is down 4.2% on the week, Ethereum is down by 11%, XRP – by 18%, Solana – by 11%, BNB – 14%, DOGE – by 19%, and so forth – you get the gist.
Of course, this doesn’t mean there are no exceptions. On a daily basis, TRUMP – the official token launched by the US President – soared by 10% today, while AAVE, ARB, and SUI are all charting gains of around 5-6%.
Meanwhile, on a weekly scale, Mantra (OM) is up by 26%, while Hyperliquid’s HYPE is up by about 13%.