Overview of Market Conditions

Over the past 24 hours, Bitcoin’s price has seen a decline, struggling to regain momentum after reaching $88,000. The leading cryptocurrency dropped to around $86,000.

Bitcoin’s Price Decline

Bitcoin started last week strong, peaking at approximately $94,500, but fell sharply after facing rejections, leading to pain and uncertainty in the market. The high was short-lived, as it fell to $90,000 and then $88,000.

Currently, Bitcoin is facing resistance at the $86,000 mark, and its market cap has decreased to $1.720 trillion with a dominance of around 57% over altcoins.

Performance of Altcoins

In contrast to Bitcoin, altcoins like Ethereum (ETH) remain stable, trading just above $2,900. XRP is holding its support above $1.90 but has not seen significant gains.

Pi Network (PI) Performance

The Pi Network’s token has experienced a recovery, bouncing back slightly above the crucial $0.20 mark, while ASTER continues to decrease in value, highlighting the disparity in performance among cryptocurrencies.

BTCUSD Dec 17 BTCUSD Dec 17. Source: TradingView

Conclusion

The cryptocurrency market is presently undergoing a significant shakeup, losing approximately $30 billion recently and hovering near a $3 trillion total market cap.