Bitcoin’s price faced another decline on Monday, plunging by more than $7,000 before rebounding to about $87,000.

Other altcoins followed suit, with ETH dropping to $2,800 and XRP challenging the significant $2.00 support line. ZEC, along with XMR and CC, experienced sharp losses over the past 24 hours.

BTC Recovery

The leading cryptocurrency bottomed at roughly $81,000 on November 21 after a substantial $25,000 reduction in value within ten days. A slow recovery began that weekend, as the price climbed to $84,000. During the business week, the asset rose to a peak of $88,000 on Wednesday and broke through that level later in the evening.

Bulls propelled Bitcoin to a weekly high exceeding $91,000 on Tuesday and hit another local high of around $93,000 by Friday. After nearly regaining $13,000 in under a week, the cryptocurrency encountered selling pressure, leading to some price dips. For the next 48 hours, it traded in a tight range between $91,000 and $93,000.

However, a fresh downturn occurred on Monday morning. Within hours, Bitcoin’s value decreased from $91,000 to below $86,000, losing $5,000 in the process. Initially bouncing back, it later fell again to a new 10-day low of $83,800 across various exchanges.

The cryptocurrency responded well to this downturn, surging approximately $3,000 to reach close to $87,000 at press time. Its market cap lingered at $1.730 trillion on CG, while its dominance over alternative currencies rose to 57.3%.

ZEC, XMR, and CC Performance

Ethereum mimicked Bitcoin’s downward trend and has struggled to initiate a solid recovery since its weekly lows, hovering around $2,800 after a 1.3% daily decline. XRP continues to test the crucial $2.00 support level again.

The most significant losses were seen in ZEC, dropping 11%, along with CC which fell more than 11%, and XMR which declined by 6.6% to $390. Conversely, PUMP and SKY recorded increases over 6%, while HASH surged by 14% to $0.023.

Despite the total cryptocurrency market cap staying above $3 trillion, it remains down by $150 billion since last Sunday.

BTC Chart BTCUSD December 2. Source: TradingView

Crypto Market Overview Cryptocurrency Market Overview 02.12. Source: QuantifyCrypto