December starts with a bang, but in the wrong direction, as bitcoin dumped once again by several grand in the span of just a few hours without an apparent catalyst.
The altcoins have followed suit, with ETH losing the $3,000 and $2,900 levels, while XRP found some support at $2.00.
BTC Drops Below $86K
The primary cryptocurrency bottomed at $80,500 on November 21 and began a gradual recovery in the following ten days. It bounced to $84,000 during that weekend and surged to $88,000 by Wednesday. Although it was stopped there at first, it managed to break through and even reclaimed the $90,000 resistance as the trading week came to an end.
The bulls kept the pressure on last Friday when they drove bitcoin to a 7-day peak of over $93,000. The overall market sentiment started to change as many anticipated another rally toward $100,000. That, however, has turned out to be a distant dream, at least for now.
Bitcoin was immediately rejected at $93,000 and driven to around $91,000, where it spent most of the weekend until the early hours of the Asian trading session. At the time, BTC started to nosedive rapidly and dumped to under $86,000 for the first time in several days.
Although it has recovered around a grand since then, BTC is still 5% down on the day. Its market cap has slipped to $1.730 trillion, while its dominance over the alts is above 57%.
Alts With Big Declines
The altcoins are deep in the red today as well. ETH has dropped by over 5% and now struggles below $2,850. XRP is down by almost 7% and sits beneath $2.05. BNB, SOL, DOGE, ADA, LINK, and HYPE have marked even more violent declines of up to 8%.
ZEC continues with its recent correction. Another 19% drop has driven it to $365. Recall that the asset flew past $700 not so long ago. RAIN is the only exception from the larger-cap alts. It’s up by over 12% and trades above $0.008.
The cumulative market cap of all crypto assets has shed nearly $200 billion in a day and stands around $3 trillion as of now.
Cryptocurrency Market Overview December 1. Source: QuantifyCrypto
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