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Bitcoin’s price has fallen to around $90,000 in the past few hours after the market lost momentum at the start of the week, while several alternative currencies suffered deeper losses, most notably Digital Currency (HYPE), which saw its price fall by 9% on a daily basis.
Bitcoin’s market capitalization has fallen to approximately $1.8 trillion, while its dominance of the alternative currency market is approximately 57.05%.
Bitcoin hit levels above $92,000 at the start of the week before selling pressure returned and pushed it below the psychological $90,000 mark.
Buyers were then able to pare losses and the price stabilized near $90,200, with a daily decline of around 2%, according to TradingView data.
Previously, the company “Strategy” announced the purchase of more than 10,600 Bitcoins worth approximately US$1 billion, bringing its total holdings to 660,624.
Despite the positive nature of such operations, market data shows that prices typically tend to fall in the short term after large purchases are announced.
At the alternative currency level, losses worsened for some high-profile projects. HYPE was the top loser, followed by Quant (QNT) and Kaspa (KAS), which fell about 6%.
Currencies such as ICP, UNI, BCH, PEPE, LINK and DOGE also experienced significant declines.
In comparison, MemeCore (M) and Canton (CC) saw significant gains of 7% and 5% respectively, while Zcash (ZEC) rose 4% to cross the $400 mark.
Overall, the total market value of digital currencies reached about $3.16 trillion, down about 2% from yesterday, as investors expect a decrease of about a quarter of a percentage point at the Federal Open Market Committee (FOMC) meeting on December 10, which may increase market volatility in the coming days.
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