Bitcoin Rejected at $96,000 as New Year Begins on Altcoin Corrections (Market Watch)

The price of Bitcoin reached a daily high of $96,000, but quickly stopped there and was pushed south by several thousand in a few hours.

Altcoins are also struggling today, with ETH falling well below $3,400, SOL down to $190, and ADA down to $0.85.

BTC stopped at $96,000

The major cryptocurrency had a painful end to a bullish year, falling from its last all-time high of $108,300 to $92,000 in a few days in mid-December. Although it initially bounced and approached $100,000 on a couple of occasions, bears quickly intercepted the moves and did not allow further gains.

On the contrary, BTC began to lose value in the following days, culminating in a fall to $91,300 on Monday. This became its lowest price in just over a month.

The bulls managed to intercept the move and took BTC to $95,000 later that day and as high as $96,000 on Tuesday. However, this was another false breakout and the cryptocurrency has dropped almost three grand since then to just over $93,000 as of now.

Its market cap has fallen below $1.850 trillion in CG, while its dominance over altcoins remains strong at 54.3%.

Bitcoin/Price/Chart. 01/01/2025. Source: TradingView Alts Back in Red

Altcoins also did not enjoy the last days of 2024, and the start of the new year is quite familiar. Ethereum has lost nearly 2% of its value and is well below $3,400. Similar price drops are evident in SOL, DOGE, ADA, AVAX, TON and DOT.

Even more painful declines are evident in Chainlink, SUI, HBAR and APT. In the case of LINK, the price drop is almost 5%, bringing it below $20.

In contrast, XRP has finally registered a minor increase after a rough week, while VIRTUAL, OM and XMR have gained around 5-7% each.

The total crypto market capitalization has lost about $30 billion and is down to $3.4 trillion in CG.

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).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!

Disclaimer: The information found on CryptoPotato is that of the quoted writers. It does not represent CryptoPotato’s views on whether to buy, sell or hold any investment. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See disclaimer for details.

TradingView Cryptocurrency Charts.