Bitcoin (BTC) Slips Below $94K, Ripple (XRP) Drops Toward $2 (Market Watch)

The highly-anticipated Santa Claus rally is nowhere to be seen as bitcoin continues to lose value by dropping below $94,000.

The altcoins are also mostly in the red, with XRP dumping by 6% and XLM following suit.

BTC Fails at Recovery

It hasn’t been a particularly hopeful end of 2024 on a micro-scale. The asset began its painful decline on December 17 when its price stood above $108,000. In just a matter of three days, it had lost around $16,000 and dumped to $92,000.

The bulls intercepted the move and helped prevent a further drop below $90,000. In fact, BTC started recovering some ground and spiked toward $100,000 on a couple of occasions, but to no avail. The last such example was on December 26 when BTC touched that line but was quickly rejected once again.

The subsequent decline pushed it south hard, and the asset fell to $95,000 over the weekend. However, the landscape worsened in the past 24 hours and dropped further to $93,000. Despite bouncing off that level, for now, BTC is still over 1% down on the day.

Its market capitalization has plummeted to under $1.860 trillion on CG, and its dominance over the alts stands at 54%.

XRP Keeps Bleeding

Most altcoins are in the red once again today. The trend is led by XRP, which continues its downfall and is close to breaking below $2 now. If it dumps below that level, analysts foresee another massive decline toward $1.

XLM has also dropped hard from the larger-cap alts, losing nearly 5% of value and trading well below $0.35. BNB, SOL, DOGE, ADA, TRX, AVAX, LINK, TON, SUI, and many others are also in the red, albeit in a less painful manner.

The total crypto market cap has lost another $60 billion since yesterday and is down to $3.430 trillion on CG.