The cryptocurrency market has not diverted the bearish trend that started in mid-December 2024, as Bitcoin and the altcoin sector have pushed south on the first of January.
After a strong performance earlier in December, the overall market sentiment remains neutral, marking 49 in the Crypto Fear and Greed Index. The crypto market lost around $500B since its peak of $3.7T on December 18, according to data from CoinMarketCap.
Bitcoin fell sharply from its all-time high of $108,300 to $93,800, reaching a low of $92,200 in just 24 hours.
This week, Bitcoin plunged to $91,300, marking a one-month low. Bulls pushed the price back to $95,000 and briefly to $96,000, but the gains were short-lived. BTC is now trading at just over $93,000. Moreover, BTC’s market capitalization fell below the $1.8 trillion mark, yet its market dominance is steady at 56.3%.
Altcoins Lose Steam, But Not XRP
Most altcoins have started the year with losses on a weak note, with Ethereum dropping nearly 3% to trade below $3,200, while Solana (SOL) fell to $189, a decrease of 3.05% and Cardano (ADA) slipped to $0.88.
Similar declines were observed in the memecoin market, with DOGE, PEPE, and BONK declining 3.1%, 6.6%, and 5.3%, respectively.
Meanwhile XRP has surged by over 8%, reaching $2.25 in the last 24 hours. Even despite its recent surge, analysts believe XRP remains undervalued.
