LINK Dumps by 9% Daily as BTC Falls to $94K (Weekend Watch)

Bitcoin's price actions at the end of the year are quite underwhelming as the asset tumbled from $97,000 to under $94,000 yesterday and is down

Bitcoin’s price actions at the end of the year are quite underwhelming as the asset tumbled from $97,000 to under $94,000 yesterday and is down by fourteen grand since last Tuesday’s peak.

The altcoins have suffered as well, with many violent price corrections from the likes of AVAX, LINK, SUI, and others.

BTC’s Struggles See No End

The Fed-induced correction began last week as bitcoin dumped from its latest all-time high of over $108,000 to $92,000 in just a few days. It managed to recover some ground last weekend and even spiked to $99,000, but that was short-lived, and the asset headed straight south on Monday.

After another slump toward $92,000, the bull took charge and pushed it to a multi-day peak of just under $100,000. However, this rally was halted quickly as well, and bitcoin started losing value once again in the following days.

After failing at $97,000 yesterday, the bears drove it down once more to under $94,000. Although it has been able to recover some ground since then and now trades above that line, BTC is still more than 2% down on the day.

Its market capitalization has dumped to $1.870 trillion on CG, and its dominance over the alts has retraced to 54.4%.

Bitcoin/Price/Chart 28.12.2024. Source: TradingView

Alts in Red Only

The alternative coins are deep in red today as well. Ethereum was stopped on a few occasions at $3,500 and is down to $3,360 now. XRP is well below $2.2, while BNB fights to remain above $700. SOL, ADA, DOGE, and TON have produced losses of up to 3%.

Even more painful declines come from AVAX, SUI, LINK, DOT, and HBAR. In fact, Chainlink’s token has plummeted by nearly 10% and is deep beneath $22.

Most lower- and mid-cap alts are in a similar state as well. Consequently, the total crypto market cap has dumped by $150 billion in the past two days to just over $3.4 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto

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