Bitcoin (BTC), the first and most popular cryptocurrency [definition], is struggling to stay above $90,000. Despite trying multiple times, it keeps getting pushed back by strong resistance. This pattern of rising and falling is causing frustration for its investors. At the same time, other cryptocurrencies, also known as altcoins [definition], aren’t doing much better. However, a few, like CC and ZEC, are still growing.
Bitcoin’s Tough Battle at $90,000
For Bitcoin, December has been a tough month. Earlier this month, Bitcoin climbed to $94,000 but couldn’t stay there. Each time it tried to go higher, it was immediately pushed down. This back-and-forth struggle continued, and Bitcoin has now been stuck below $90,000 for weeks.
Recently, it tried again to surpass $90,000 after spending the weekend at $87,000. It briefly crossed over $90,000, but the momentum didn’t last. Bitcoin was rejected again and dropped back below $87,000. Right now, it’s trading just above $88,000, but $90,000 is proving to be a tough barrier to overcome.
Bitcoin’s total value, also called its market capitalization, is $1.750 trillion. Its market dominance, which shows how much Bitcoin influences the overall cryptocurrency market, is still above 57%. This means Bitcoin is the most influential cryptocurrency right now.
Altcoins: Mixed Performances
The second-biggest cryptocurrency, Ethereum (ETH) [definition], also saw some action. Yesterday, Ethereum climbed above $3,000 but couldn’t maintain that position. It has now fallen back below $3,000, similar to Bitcoin’s struggle.
Binance Coin (BNB) [definition] temporarily reached $860 but couldn’t go any further. Other well-known cryptocurrencies, such as Ripple (XRP) [definition], Solana (SOL), Bitcoin Cash (BCH) [definition], Chainlink (LINK), and Dogecoin (DOGE), are also showing slight losses.
Cardano (ADA) [definition], another popular cryptocurrency, isn’t doing well either. Its value dropped by more than 4%. Monero (XMR) [definition] and Stellar (XLM) [definition] also saw their prices decline by about 3% to 3.5%. Meanwhile, MNT (Mongolian tögrög) [definition] fell by over 5%.
Positive Gains for CC and ZEC
Amid the struggles faced by many cryptocurrencies, at least two stood out for their growth. Canton (CC) experienced a 7% increase and is now valued at $0.135. Zcash (ZEC) [definition], another privacy-focused cryptocurrency, also went up by 3.4%, reaching almost $540.
The Crypto Market’s Total Value
The overall cryptocurrency market’s total value, which is called the crypto market cap [definition], hasn’t changed much. It currently stands at $3.060 trillion.
In conclusion, Bitcoin is stuck in a frustrating cycle of trying to rise above $90,000 but getting pushed back. Many other cryptocurrencies are following a similar pattern. But, it’s not all bad news; a few like CC and ZEC are still showing growth. As the year comes to a close, crypto investors are wondering if market conditions will improve in the new year.