The prices of Tron (TRX), Hedera (HBAR), and Ripple (XRP) dropped significantly today as Bitcoin broke the critical $100,000 mark. Bitcoin price is now comfortably above $101,000.
Recall that these altcoins have been performing well recently. Just a day ago, the Tron price reached a new all-time high of $0.4407, XRP became the third-largest coin by market cap, and Hedera (HBAR) rose over 600% in just 30 days.
However, the surge in these altcoins has slowed as Bitcoin hit a new all-time high of $103,900 in the early hours of Thursday, rising 7.43% in the last 24 hours.
Tron, Hedera, and XRP prices struggle as Bitcoin spikes
Hedera Hashgraph (HBAR) is one of the biggest losers today, dropping by 8.50% in the last 24 hours. Although the HBAR price has performed well in recent weeks, a spike in Bitcoin’s price has caused its market cap to fall from over $12.6 billion to around $10.64B before sitting at $11.4 billion at press time.
Ripple (XRP) has also dropped 10.96% in the past day, with prices fluctuating between $2.67 and $2.19. Right now, XRP is trading at $2.30, but it’s still 353.62% higher than a month ago.
Read more: XRP Price Prediction: Is Ripple Going to $24?
On December 3, Ripple’s market cap climbed above $162 billion, making it the third largest cryptocurrency, overtaking Tether’s USDT. However, it has now slipped back to fourth place with a market cap of $131 billion, while USDT holds $135 billion. The gap is close, so Ripple could regain its spot if it resumes gaining momentum.
Additionally, Tron (TRX) has become the biggest loser among top altcoins today. Its price has fallen by 19.43% in the last 24 hours, now at $0.3215. This represents a 26.85% drop from its all-time high of $0.4407, set just yesterday.
BTC hits $103.9k; what next?
Bitcoin’s current price is $101,897, and its market value is $2.04 trillion, after retracing a bit from its just-reached $103,900 all-time high. This represents 55.5% of the global crypto market’s total of $3.68 trillion.
BTC/USDT price chart | TradingView
The Summary indicator for Bitcoin on TradingView shows a clear “Buy” signal, with 15 Buy indicators, 10 Neutral, and just 1 Sell. Based on data from various indicators, including oscillators and moving averages, this suggests a mostly positive outlook, pointing toward more price increases.
Despite the Bitcoin price increase, the Altcoin Season Index on CoinMarketCap, which tracks how altcoins like Ethereum, Solana, and Ripple have performed compared to Bitcoin over the last 90 days, is strong at 84/100.
This indicates that alternative coins are still doing well, and Bitcoin’s bullish performance won’t stop them from growing in the near future.
Meanwhile, analysts believe Bitcoin has yet to reach its peak for this cycle and predict its price could rise to $160,000 in the coming months. BanklessTimes also recently predicted that Bitcoin could reach between $105,000 and $110,000 by the end of 2024.
