Bitcoin experienced a brief rally past $98,000 before retreating by approximately $3,000, while altcoins faced deeper losses, with some dropping as much as 8%.
Bitcoin, the leading cryptocurrency, encountered significant volatility at the start of the previous business week, moving through swings of $10,000 due to geopolitical tensions involving tariffs from the Trump administration affecting China, Mexico, and Canada. Despite attempts to reach $100,000 on Friday, its momentum stalled.
Over the weekend, Bitcoin stabilized around $96,000. Efforts by bullish traders on Monday and Tuesday pushed its value to just above $98,000. However, downward pressure persisted, causing a decline to $95,000.
Currently, Bitcoin has edged up slightly to $96,000. Further price shifts are anticipated in the wake of the forthcoming release of the US Consumer Price Index data for January. Bitcoin's market capitalization has fallen to $1.910 trillion, with its dominance stabilizing at 58.5%.
During periods of market downturn, altcoins often suffer more significantly, and this instance is no exception. Notable large-cap altcoin losses include SUI and HBAR, each down 8%, followed by AVAX at 7%, and XLM at 6%.
LINK and DOGE also saw declines of 5.5% and 5%, respectively. Although Ethereum, Ripple, Cardano, and Solana also recorded declines, their losses were comparatively moderate. Meanwhile, mid-cap altcoins such as ENA, TIA, and KAS experienced double-digit percentage drops.
Overall, the total market capitalization of all cryptocurrencies has decreased by over $80 billion, showing a current value below $3.3 trillion.
The shifts reaffirm the market's sensitivity to macroeconomic indicators, with investors eyeing the impact of upcoming data releases.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.