Bitcoin Price Drops to $97,508 Amid Market Volatility
The crypto market remains volatile, with Bitcoin reaching an all-time high of $109,000 in January before falling to $91,000. Currently, it trades at $97,508.76, reflecting a 10% drop from its peak.
Key developments in 2024 include:
- Approval of spot crypto ETFs
- Election of pro-crypto US President Donald Trump
Despite these initiatives, traders express confusion about market behavior. Pseudonymous trader Sykodelic stated the market “keeps on retracing,” while The Bitcoin Therapist noted issues with Bitcoin's pricing.
Altcoin Market Status
Analysts anticipated that Bitcoin’s dominance would decline post-Trump's inauguration, leading to an altcoin season; however, this shift has not occurred. Major cryptocurrencies like Cardano, Chainlink, and Avalanche have not surpassed previous all-time highs.
Bitcoin currently holds a market dominance of 60.3%, up over 7% in the past month. The altcoin market is stagnant, with a Relative Strength Index (RSI) of 40.46 indicating bearish control. The altcoin market cap needs to reclaim the $900 billion level to regain bullish momentum.
