Bitcoin BTC/USD spiked to another all-time high of $108,388 at the start of the U.S. trading session but reversed its gains in line with broader stock market losses.
| Cryptocurrency | Price | Market Cap | 24-Hour Trend | 7-Day Trend |
| Bitcoin BTC/USD | $106,171 | $2.1 trillion | -0.2% | +8.6% |
| Ethereum ETH/USD | $3,933 | $474 billion | -0.2% | +6.8% |
| XRP XRP/USD | $2.58 | $147.6 billion | +8.8% | +18.1% |
Trader Notes: Technical analyst Kevin warned in a post on X that USDT dominance remains at a critical support level, likely impeding prices from going higher.
As long as this support level, which also marked the local crypto top in March, does not break, the analyst urges caution.
Trader Altcoin Sherpa highlighted the weakness in altcoins, which have been struggling to keep up with Bitcoin’s recent gains.
Bitcoin leading the price action is, according to the trader, “a good thing,” as altcoins tend to rally after the apex crypto.
Statistics: Bitcoin dominance, the market share of Bitcoin among all cryptocurrencies, has rebounded from 54.56% on Dec. 3 to 57.8% at the time of writing.
A higher Bitcoin dominance share is indicative of either Bitcoin leading a broader market rally or Bitcoin holding up better compared to altcoins in a market downturn.
Market News: XRP has been one of the best-performing altcoins of the day, boosted by the launch of its RLUSD stablecoin.
Bitcoin ETFs have seen two straight weeks of net spot ETF inflows. Monday saw another $688 million in net inflows flowing into spot ETFs as market participants hope for a rally in the final two weeks of 2024.
Read Next:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
