Bitcoin’s gradual price recovery to almost $90,000 came to another halt yesterday when the asset was suddenly rejected and dumped by roughly three grand in minutes.
Most larger-cap alts have mimicked BTC’s performance, with ETH sliding toward $2,900 again, while XRP has slipped to $1.85.
The primary cryptocurrency had a wild week before the Christmas holidays when it pumped and dumped on several occasions from around $85,000 to $90,000, only to mark a local low at $84,400 after the US CPI numbers for November were announced. It managed to recover some ground during the weekend at the time and even went on the offensive last Monday.
It spiked past $90,400 for the first time in about a week, and this rally seemed sustainable at first. However, as it happened during the previous few such attempts, the bears resumed control almost immediately and drove the asset south hard to under $87,000.
Christmas Eve and Day were quite uneventful, as expected, but bitcoin attempted another breakout on Friday. This time, it couldn’t even reach $90,000 before the bears rejected it. In less than an hour, the cryptocurrency plunged to $86,500. It has rebounded slightly and now sits above a grand higher, but it’s still 1.5% down on the day.
Its market cap is below $1.750 trillion again, while its dominance over the altcoins remains calm at 57.5% on CG.
Ethereum was stopped before $3,000 yesterday and will now rely on the $2,900 support to hold its latest retracement. XRP is well below its $1.90 support after another 1.5% daily decline. DOGE has dropped the most from the larger-cap alts, followed by LINK.
In contrast, XMR and HYPE have charted minor gains, while ZEC and RAIN have exploded by double digits. The former is up by over 13% and has risen above $500, while the latter stands close to $0.008 after a 10% daily pump.
The total crypto market cap has remained above the $3 trillion mark despite losing $40 billion since yesterday’s peak.
