Bitcoin’s previous rally, which began at the start of the new year, has faltered as it slides below $90,000 once again. This descent follows a recent peak near $95,000.

Zcash (ZEC) saw a significant decline, dropping over 20% due to the exit of one of its developers. Other altcoins have also suffered, with XRP down over 6%.

Bitcoin’s Battle at $90,000

The leading cryptocurrency experienced a robust surge starting January 2, climbing from below $88,000 to surpass $90,000. However, it faced resistance around $95,000 and quickly fell back after a military operation against Venezuela was initiated by the U.S. Despite a quick rebound, its recent price movements indicate a struggle to maintain this level.

At present, Bitcoin’s market capitalization has decreased to $1.8 trillion, holding approximately 57% of the total crypto market dominance.

BTCUSD Jan 8 BTCUSD Jan 8. Source: TradingView

Altcoins Experience Losses

Altcoins are following Bitcoin’s lead downward. Ethereum peaked at $3,250 but is now trading just above $3,100. Similarly, BNB has dropped below $900, and ADA has fallen below $0.40. XRP, after recent highs, is now down to $2.10.

ZEC has emerged as the biggest loser among the top 100 altcoins following a developer’s departure, with PUMP also declining.

The overall crypto market capitalization has declined by about $100 billion in just one day, now standing at $3.170 trillion.