As Christmas approaches, Bitcoin price is hovering below $95,000, reflecting a week-long decline after peaking at $108,000 last week. Major altcoins have shown signs of recovery, rebounding slightly in the past 24 hours. The Bitcoin dominance in the market has been dropping, with altcoins outperforming amid its decline. The ETH/BTC pair also demonstrated strong performance, signaling potential shifts in investor sentiment across the crypto market. Trends remain mixed as volatility persists.
Bitcoin Price Dips Below $94K While Altcoins Show Strength
As of 24th December, Bitcoin price hovered at $94,476, marking a 24-hour low of $94,402 and a high of $96,416. The cryptocurrency’s market capitalization reached $1.86 trillion, with $62 billion in trading volume.
Source: Coin360
Bitcoin’s dominance in the market fell slightly to 56%, reflecting a minor decline from the previous day. Seven days ago, Bitcoin hit its all-time high of $108,268.45 but has since declined by 12.76%. Analysts note BTC’s current downside channel, with optimism about a breakout sparking bullish momentum.
The global cryptocurrency market cap rose 2%, reaching $3.32 trillion, with trading volume increasing by 20% to $170 billion. The Fear and Greed Index stands at 55, indicating neutral market sentiment.
Bitcoin spot ETFs experienced a $227 million net outflow on December 23, marking three consecutive days of outflows. The total net asset value of Bitcoin spot ETFs is currently $105.084 billion, reflecting cautious investor behavior.
Is More Bullish Ahead For Altcoins?
Most of the top altcoins have seen price recovery in the past 24 hours after trading in a bullish trend. Ethereum (ETH) experienced a moderate rise, increasing by 3.00% to $3,415.38. XRP also performed well, registering a 2.72% increase, reaching $2.26. Binance Coin (BNB) showed notable growth, climbing 4.59% to $692.04, while Solana (SOL) surged by 3.79%, bringing its price to $191.18.
Dogecoin (DOGE) maintained its upward momentum with a 2.35% gain, trading at $0.3229. Cardano (ADA) followed suit, gaining 1.43% to reach $0.9118. TRON (TRX) recorded a 1.82% increase, trading at $0.2525. Meanwhile, Avalanche (AVAX) remained steady, registering a slight uptick of 5.65% over 24 hours, bringing its price to $38.96.
Chainlink (LINK) outperformed other altcoins, boasting a 6.17% increase to $24.24. The crypto market’s overall trend remains positive as multiple assets recover, driven by steady buyer activity. This bullish momentum reflects growing investor confidence in the altcoin sector.
In conclusion, The Bitcoin price decline below $95,000 highlights a volatile week, while altcoins show resilience, signaling potential shifts in market sentiment. Steady recovery across major altcoins like Ethereum and Binance Coin reflects growing optimism. Investors remain cautious amid mixed trends, focusing on the altcoin market’s promising growth trajectory.
