Market Update 6th January 2025
By Shikha Singh
Bitcoin managed to hold onto its gains from Friday and the weekend, even surging to a multi-week high of nearly $100,000 before experiencing a minor pullback, dropping just under a grand.
Most altcoins are relatively stagnant on a daily basis, with Ethereum (ETH) maintaining a position above $3,600 and Solana (SOL) holding steady above $210.
The previous business week started off negatively for Bitcoin, which fell to a monthly low of $91,300. However, its price movements quickly turned volatile, with fluctuations reaching thousands of dollars.
BTC climbed above $96,000 on New Year’s Eve, but it soon retraced below $93,000. The bulls took control at that point, pushing the price back over $97,000 by January 2. After another brief dip, Bitcoin surged to $99,000 on Friday, driven by rising ETF inflows.
Despite lower trading volumes over the weekend, Bitcoin held its ground and maintained a relatively stable position. The new week started strong, with a brief spike to $99,800 (on Bitstamp) on Monday before encountering significant resistance.
Currently, Bitcoin is hovering around $99,000 after a slight pullback. Its market capitalization stands above $1.96 trillion, and its dominance over the altcoin market is at 53.4%, according to CoinGecko.
While most large-cap altcoins have shown modest price movements, Ethereum (ETH), Binance Coin (BNB), SUI, and Chainlink (LINK) have posted slight gains. Meanwhile, XRP, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) have seen negligible losses.
The standout performer among larger-cap altcoins is Avalanche (AVAX), which has surged by almost 5%, reaching around $44. Other notable gainers include Render Token (RNDR), Fetch.ai (FET), and Filecoin (FIL), which have all risen by 6-7%.
Overall, the total cryptocurrency market capitalization has increased by roughly $30 billion overnight, now sitting at $3.68 trillion.
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