Market Update 13th January 2025
By Shikha Singh
Bitcoin recently soared toward $96,000, but its momentum was short-lived, dropping by $3,000 in just a few hours, now hovering under $93,000.
After a volatile week, where Bitcoin surged to over $102,000 only to crash down to a 7-week low of $91,200, it briefly recovered to the $95,000 range.
As of now, Bitcoin’s market cap stands at $1.84 trillion, with its dominance over altcoins increasing to 54.8%.
Meanwhile, Ethereum has faced a tough week, dropping over 11%. The network is dealing with inflationary pressures as its supply is returning to pre-merge levels, despite earlier expectations of deflationary behavior.
Analysts remain optimistic about Ethereum’s future, with some predicting new all-time highs, but its price needs to hold above $3,000 to avoid a bigger decline.
Ethereum has dropped below $3,200 after a 2% daily decline. XRP, which was among the top performers during the weekend, is down by 3.6% to $2.43. BNB, SOL, DOGE, and TON have marked similar declines.
The ETH/BTC ratio is at a three-year low, fueling talks of a potential “altseason.”
Other altcoins have taken a beating as well. Significant drops in coins like Cardano, Sui, Avalanche, and Chainlink, with some losing as much as 7%, have mirrored Ethereum’s slump.
The total market cap for all cryptocurrencies has fallen by $100 billion, now sitting at $3.36 trillion.
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