Bitcoin's $100k Journey Stalls Around $95k, Altcoins Follow Suit
Cryptocurrency Sector Shows Signs of Convergence as Bitcoin (BTC) Struggles to Surpass $95,000 (Report by Market Watch)
In a and unsurprising turn, Bitcoin's ambitious trip towards $100,000 has hit a temporary roadblock, with the digital asset stubbornly stuck around $95,000. The cryptocurrency landscape, experiencing minor setbacks day by day, mirrors this stagnation.
Bitcoin's Dance at $95k
After breaking free from an earlier consolidation phase that kept it under $86,000, Bitcoin stormed past $90,000 for the first time in weeks, reaching an impressive $95,860 last Friday. However, it failed to penetrate the $96,000 barrier, retreating slightly over the weekend and slipping as low as $93,000 on Monday. Yet, BTC has managed to cling onto its $90,000 support.
Despite the bulls' relentless offensive, they've repeatedly been held back from breaching the $96,000 frontier, despite substantial inflows into Bitcoin ETFs. As a result, Bitcoin continues its sideways dance around $95,000.
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Bitcoin's market capitalization remains stuck at $1.880 trillion on CoinGecko, while its dominance over altcoins hovers comfortably above 61%.
Sluggish Altcoins
Most altcoins have been experiencing a slight downward trend in the past 24 hours. Chainlink, Avalanche, and Ripple have led the slide among larger caps, with losses as high as 3.5% for Chainlink. Ethereum, Dogecoin, Cardano, Polygon, Shiba Inu, Harmony, and Bitcoin Cash are also in the red, but to a lesser degree.
The biggest losses among the top 100 altcoins are being recorded by yesterday's top performer, VIRTUAL, as well as TAO and TRUMP. The US president-themed meme coin has faced controversy recently, including reports that its developers have been offloading their holdings during the price surge.
The total crypto market cap has slightly dipped by approximately $15 billion since yesterday, settling at $3.065 trillion on CoinGecko.
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- The temporary roadblock for Bitcoin's journey towards $100,000, seen around $95,000, has caused a similar stagnation in the entire cryptocurrency landscape.
- After breaching the consolidation phase under $86,000, Bitcoin reached an impressive $95,860 last Friday, but failed to penetrate the $96,000 barrier despite substantial inflows into Bitcoin ETFs.
- Bitcoin's dominance over altcoins remains comfortably above 61%, with its market capitalization stuck at $1.880 trillion on CoinGecko.
- Most altcoins, including Ethereum, Ripple, and Bitcoin Cash, have been experiencing a slight downward trend in the past 24 hours, leading to losses for many.
- The US president-themed meme coin, VIRTUAL, has faced controversy recently, with reports suggesting that its developers have been offloading their holdings during the price surge.
- Stay updated with the crypto market by signing up for free, daily market updates, and explore various crypto opportunities on Binance or Bybit.
