Categories: MarketsMenafn

Bitcoin Falls to $93K, XRP Surges to $2.20

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.

XRP 24h chart. Source: CoinMarketCap
Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

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