Alexander Kuptsikevich

The crypto market has risen by more than 3% in the last 24 hours to reach $3.69 trillion, this time thanks to the euphoria surrounding

The crypto market cap has shrunk to $3.6 trillion, down around 2% in the last 24 hours. The main volatility has been in Bitcoin, with Ethereum affected to a lesser extent and a barely noticeable ripple at the altcoin level. This is a strong signal of a short-term shakeout but not a change in sentiment.

The cryptocurrency market corrected 1.2% in 24 hours, but the 5% gain for the week still indicates a strong bull market despite more frequent mini-corrections.

The bulls in Bitcoin once again failed to consolidate above 100K on Monday, which was followed by an impressive sell-off, bringing the price to 94K at the lowest point.

The cryptocurrency market remained roughly the same as the day before at $3.45 trillion, down 7% from its peak levels at the start of the week. The sentiment index rolled back to 74, in ‘greed' territory. The altcoin season index has pulled back to 63 from a peak of 87 a week earlier. This is a typical story where Bitcoin's inability to grow soon translates into pressure on altcoins.

It seems that the meaningful round level has prompted long-term private holders to sell.

The cryptocurrency market hit record highs in terms of capitalisation, reaching $3.73 trillion at the start of active Asian trading and is sitting at $3.71 trillion at the time of writing. The market digested the overhang of pending selling in Bitcoin near psychologically important levels and continued to move higher.

Bitcoin is once again testing the $100,000 level, this time making attempts to dip below that round level.

By Published: Dec 20, 2024, 08:28 GMT+00:00 Bitcoin is back below $100K, getting support at $96K on Friday morning.

Bitcoin is trading around $95.5K, receiving support near the 50-day moving average on Friday and Monday.