Year-end volatility continues: Bitcoin price under pressure, altcoins significantly lower

There was a significant decline in the digital currency market, with Bitcoin continuing to face selling pressure. It failed to maintain gains above $90,000 on Monday and then began to fall, falling below $86,500.

As the end of the year approaches, Bitcoin is likely to end up with a negative performance.

Volatility increased at the end of last week following the release of better-than-expected US Consumer Price Index (CPI) data for November.

Bitcoin price then jumped to around $89,500 before the price quickly fell to a low of $84,400 in less than 12 hours.

Buyers then stepped in, pushing the price back above $89,000, but market volatility was limited over the weekend.

At the beginning of this week, Bitcoin tried to rise again, touching $90,400 for the first time in five days, but this rise did not last long, and the selling operation quickly escalated, and the price fell by more than $3,000, currently standing at $87,000.

According to data from “CoinGecko”, the market value of Bitcoin has dropped to approximately US$1.73 trillion, and its market dominance remains above 57%.

In turn, alternative currencies are reflecting general weakness.

Ethereum price fell to around $2,920 after hitting $3,060 a few days ago, while BNB fell to around $835 after halting losses at $870.

XRP also broke away from the $1.90 support after a similar decline.

Other currencies, such as Solana, Dogecoin, Cardano, Bitcoin Cash, and Zcash, are down as much as 2% daily, while TAO is down about 5.5%.

CC, on the other hand, rose 6.5% to $0.09.

Overall, the total cryptocurrency market capitalization has lost more than $100 billion since Monday’s peak, falling to about $3.05 trillion.

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Why is Bitcoin currently lagging gold?

Bitcoin price failed to break through the $90,000 mark, and the market fell sharply