Crypto Market Bleeds Out Again as Bitcoin (BTC) Was Rejected at $100K (Market Watch)

The BTC relief rally in the past few days was halted yesterday as the asset was stopped at $100,000 and pushed south hard.

As expected, the altcoins have suffered even more, with substantial price declines from the likes of LINK, AVAX, ADA, SUI, and many others.

Bitcoin Stopped at $100K

Bitcoin went through a massive correction last week following the latest FOMC meeting. It dumped all the way from $108,000 to $92,000 in a matter of days. It bounced off on Friday and Saturday as the bulls drove it to almost $99,500.

However, it failed there and retraced hard once again at the start of the business week toward $92,000 once more. The bulls stepped up again at this point and initiated a notable price increase that pushed bitcoin up to $99,200 on Christmas Eve and almost $100,000 yesterday evening.

Once again, though, the cryptocurrency was stopped at this point. The subsequent rejection has driven it south hard, as the asset now struggles below $96,000.

Its market capitalization has declined to under $1.9 trillion on CG, while its dominance over the alts has increased to 54.6%.

Bitcoin/PriceChart 26.12.2024. Source: TradingView

Alts Bleed Out

The alternative coins registered some gains in the past few days as well, but red dominates all charts now. Ethereum was stopped at $3,500 and is below $3,400 after a 3.5% daily drop. Similar declines are evident from XRP, DOGE, SOL, BNB, TRX, and TON.

Even more painful corrections come from the likes of ADA, AVAX, LINK, SHIB, HBAR, XLM, and DOT, with losses of up to 9%. AAVE has plummeted by 10%, and so have ONDO and HYPE.

The cumulative market capitalization of all crypto assets has seen more than $100 billion gone and is down to $3.460 trillion on CoinGecko.