- Bitcoin lost the $95,000 price level and is trading at $93,600.
- Spot BTC ETFs have dominated this year among the 740 newly launched ETFs in the US.
- Altcoins XRP, ONDO, XLM, DOGE, and ADA crashed significantly in the past 24 hours.
The crypto market is experiencing widespread price declines, with Bitcoin and several leading altcoins under pressure. Bitcoin (BTC) is currently trading at $93,692.56, down 1.36% in the past 24 hours. The leading digital asset briefly surged to a daily high of $95,110 but failed to hold above this level, crashing to $92,881 before rebounding.
Despite this recent volatility, Bitcoin has shown significant gains this year, reaching all-time highs in both March and December when it broke above $100,000. This year also saw the launch of over 740 new ETFs, with spot Bitcoin ETFs dominating inflows. BlackRock and Fidelity’s spot BTC and ETH ETFs have recorded multi-billion dollar inflows.
Bitcoin’s Long-Term Outlook
A look at the weekly Bitcoin chart reveals a bullish long-term trend. The Relative Strength Index (RSI) currently reads 65.41, indicating strong buying pressure. The gradient of the line suggests a potential move towards $100,000 soon.
Read also: Altcoin Season Index Moves to 48, Signalling a Neutral Market
Galaxy Research predicts that Bitcoin will reach $150,000 in the first half of next year. They also expect Ethereum to trade above $5,500 as the number of staked Ether tokens continues to rise. However, altcoins like XRP and Solana (SOL) may present competition for ETH.
Altcoins Facing Significant Declines
Several leading altcoins are facing significant price drops. XRP, for example, fell to a daily low of $2.04 after hitting $2.15 but has since rebounded to $2.06.
The Relative Strength Index (RSI) for XRP reads 45.56 which means that the bears have taken over and the gradient of the line suggests that the current price correction will continue in the near future.
Similarly, other altcoins have also seen declines:
- ADA is down 2.03% and trades at $0.8694.
- ONDO has fallen 4.92% to $1.38.
- Dogecoin (DOGE) has dropped 1.86% and is priced at $0.3206.
- Stellar (XLM) has plummeted 4.56% to $0.3365.
These altcoins appear to be continuing their downtrend in the short term.
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