Bitcoin’s lackluster performance persisted over the weekend as its price dipped to $88,000. Meanwhile, most altcoins are also performing poorly on a 24-hour basis, with ETH struggling to hold above $3,000. Notably, XMR has seen significant losses.

Bitcoin Dips to $88K

The past week saw escalating tensions between the U.S. and EU, leading Bitcoin to trade around $95,000 for some time before a severe drop occurred. Initially, the support at $92,000 held, but continued selling pressure pushed the price down. The decline reached a multi-week low of $87,200 on Wednesday. Following a volatile trading period, Bitcoin attempted to reach $90,000 but has since struggled to maintain those levels.

The current market price hovers just below $89,000, with a market capitalization of $1.770 trillion and a dominance rate of about 57.5% among altcoins.

BTCUSD Jan 25 BTCUSD Jan 25. Source: TradingView

Altcoins Taking a Hit

Ethereum has fallen significantly from $3,400 to below $3,000 recently and has not been able to regain stability. Other significant altcoins also show declines, with BNB dropping below $900 and XRP stalling at $1.90. Despite this, CC has shown slight gains, increasing by 5%.

The overall cryptocurrency market cap has fallen by more than $40 billion, settling around $3.080 trillion.