HBAR, XRP defy market sentiment as BTC sheds $3,000 in hours (Market Watch)

Bitcoin price action over the weekend hinted at a possible break towards $100,000, but on Monday it started in the opposite corner, dropping to $95,000.

Many of the larger-cap alternatives are also in the red now, with SOL losing more than 4% and DOGE down 3%.

BTC drops to $95,000

The past week saw quite a bit of volatility for the primary cryptocurrency, with bears taking control early on and dropping the asset below $91,000 on Tuesday. After that, however, the bulls took over and started a few back-to-back moves that saw bitcoin explode above $97,000 on Wednesday and near $99,000 on Friday.

However, the cryptocurrency was unable to sustain its run and rallied over the weekend by a few thousand. Monday morning’s Asian trading session saw a brief surge in price to over $98,000, but BTC was quickly and violently rejected.

In the following hours, the asset fell by more than three thousand and fell below $95,000 for the first time since Friday. This came amid reports that a few whales had deposited large amounts of BTC into exchanges, potentially to secure some profits.

Bitcoin’s current price means its market cap has fallen below $1.9 trillion and its dominance over the highs has dropped to 53.2% on CG.

Bitcoin/Price/Chart 2.12.2024. Source: TradingView XRP, HBAR on another planet

Most of the larger cap alternatives have followed BTC’s lead with some price drops. These examples are ETH (-2%), SOL (-4.3%), BNB (-2.6%), DOGE (-3%) and TON (-4%).

In contrast, ADA, XLM, AVAX, LTC and LINK have recorded gains of up to 17% in the case of Litecoin.

However, the day belongs to XRP, which is up 22% since yesterday. Also, today it took advantage of $2.5 to mark a new multi-year high and briefly became the third largest cryptocurrency.

HBAR is another mind-blowing gainer, up over 26% and trading near $0.25.

However, the total crypto market cap has declined by around 2.5% in a day and now sits below $2.550 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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