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Gains in the first two weeks of the year quickly evaporated, with Bitcoin falling below $90,000 today, hitting its lowest level in 19 days, before rebounding to just over $89,000.
With this decline, Bitcoin’s market capitalization fell to approximately $1.78 trillion, while its market dominance remained near 57.5%, while the cryptocurrency market has lost more than $250 billion in total since Monday morning.
Just a week ago, Bitcoin hit $98,000 for the first time in months, with expectations for a rise to $100,000 as greed took over sentiment.
Despite failing to reach six digits, the currency held above $95,000 for several days, even over a weekend when tensions between the United States and the European Union escalated.
But that changed as Asian markets and futures contracts opened on Monday morning, with Bitcoin prices falling from 95,500 to 92,000 before a recovery attempt failed, falling to 91,000 on Tuesday before falling to less than 88,000.
The decline in altcoins continues to intensify.
Ethereum price fell below $3,000 from over $3,300 over the weekend after three days of losses.
XRP fell from more than 2.10 to around 1.90, BNB fell below the $900 support, and TRX fell by about 3% during the day.
Monero (XMR) was one of the digital currencies that fell the most in 24 hours, falling nearly 15% to below $500, while HYPE fell more than 8% to around $21.
In contrast, a handful of cryptocurrencies such as CC and WLFI recorded gains.
As a result of this performance, the total market value of the digital currency market fell to less than $3.1 trillion.
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