PEPE Price Jumps 6% Daily, Bitcoin Recovers to $94K After Monthly Low (Market Watch)
Release: 2024/12/31 17:49 Reading: 516
Bitcoin's Price Fluctuations and Altcoin Performance
Bitcoin's price faced a setback yesterday, falling to its lowest point in over a month at $91,300 before recovering some ground.
Most altcoins also experienced sluggishness at the end of the year. Ethereum (ETH) dipped below the $3,400 mark, while Chainlink (LINK) continued its recent decline.
Bitcoin's Price Outlook
Bitcoin's recent performance in the latter part of the year has been challenging. Two weeks ago, the cryptocurrency stood above $108,000 after a significant surge following Trump's victory in the US presidential elections. However, the Federal Reserve's hawkish stance on interest rates in 2025 reversed this trajectory, leading to a rapid decline in Bitcoin's value.
On Friday, Bitcoin dropped to $92,000 and attempted to recover the following week. It surged towards $100,000 on several occasions, but each attempt was thwarted.
Yesterday's price action culminated in a significant downturn, with Bitcoin touching a monthly low of $91,300. However, bulls intervened to push the asset back above $94,000 at the time of writing.
Despite the recovery, Bitcoin's market capitalization remains at a relatively low $1.860 trillion, while its dominance over altcoins has risen to 54.3% on CoinGecko.
Altcoin Market Overview
The broader altcoin market is also experiencing a downturn. ETH has slipped below $3,300, XRP is struggling below $2.1, while DOGE, ADA, TRX, AVAX, and TON have lost around 1-2% of their value. Chainlink's token continues to decline after dropping by 3% in the past 24 hours.
CRO, TAO, and AAVE have experienced even steeper declines, while PEPE has bucked the market sentiment with a 6% surge to $0.00002.
The total crypto market capitalization continues to decline, approaching the $3.4 trillion mark.
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