Bitcoin Falls Below $43K
After trading above $43,000 during the Christmas holidays, Bitcoin has lost momentum in the past 24 hours and dropped below that level. The primary cryptocurrency had a strong finish to the previous business weeks and entered the holiday weekend at around $44,000. However, bears started to put pressure on the market, causing BTC to slip further down to $42,600. Although it quickly recovered and approached $44,000 again, the situation worsened in the last 24 hours.
As a result, Bitcoin dropped by nearly $1,000 to reach a 6-day low of $42,500 on Bitstamp. Despite a partial recovery since then, BTC is still down 1% for the day and remains below $43,000. Its market capitalization has also decreased to $835 billion.
BNB and SOL Show Strength
Solana’s native token, SOL, continues its impressive performance with a 3.5% gain over the past day and a price above $110. Binance Coin (BNB), which surpassed SOL to become the fourth-largest digital currency, has also risen by 5% and currently trades at $275.
Other larger-cap altcoins like ETH, XRP, TRX, DOGE, and LINK have minor losses or insignificant gains. However, there have been significant price increases in assets like SATS (20%), Sei (17%), Sui (15%), ORDI (13%), and NEAR Protocol (13%).
Despite these individual gains, the total crypto market cap has decreased by approximately $30 billion since yesterday’s peak and is now at 1.650T on CMC.
Hot Take: Bitcoin Struggles to Maintain Momentum
Bitcoin’s inability to sustain the positive momentum above $43,000 has led to a drop in its price. The bears’ pressure and market fluctuations have caused BTC to trade below this crucial level. While some altcoins like Binance Coin and Solana have shown strength, the overall crypto market has experienced a decline in value.
It remains to be seen whether Bitcoin can regain its momentum and surpass $43,000 once again. Traders and investors should closely monitor market developments and be prepared for further volatility in the coming days.
By
By
By
By
By
By