Bitcoin Hovers Around $94K As Altcoins Continue To Struggle

Bitcoin (BTC) experienced a turbulent end to the week, with its price initially dipping to around $91,000, followed by a sharp rise to $96,000 before stabilizing closer to the middle of that range. Meanwhile, altcoins continue to face challenges, with SOL, ADA, and AVAX all posting declines of around 4% on the day.

Maintaining Momentum
It was an eventful week for Bitcoin, marked by significant price fluctuations. The week began on a high note, as the recent MicroStrategy purchase propelled the flagship cryptocurrency above $100,000 for the first time this year, and it even surpassed $102,000 by Tuesday morning.

However, the momentum shifted, and BTC saw a steep drop later that day. By Wednesday, the price had fallen to $96,000, followed by a further decline on Thursday to $91,200, marking its lowest point in over a month.

At this juncture, the bulls stepped in and began pushing the price back up. Although volatility remained high with several ups and downs, BTC ultimately regained some ground, reaching $96,000 again. However, it struggled to maintain this level and has since dropped slightly, now trading at around $94,000.

Altcoins Struggle
The total market cap for Bitcoin has risen to just below $1.87 trillion according to CoinGecko, with its dominance over altcoins climbing to 54.5%. Altcoins are also facing downward pressure. Ethereum dropped below $3,200 on Thursday, and despite a brief recovery, it is now hovering near that level again after a 2.3% daily loss. XRP is one of the few altcoins showing small gains today.

However, the majority of altcoins are struggling, with SOL, ADA, SUI, AVAX, and LINK all experiencing losses of up to 4%. SOL has fallen below $190, and ADA is now priced just above $0.90. Additional losses are seen in OM, ICP, and RNDR among the larger-cap altcoins.

The overall cryptocurrency market cap has also weakened, dropping to $3.43 trillion on CoinGecko.

Other Markets

The first trading day of 2025 at the NYSE and NASDAQ saw the U.S. stock market facing several challenges as earnings season began. Gary Gensler warned against weakening safeguards for retail traders, while Chinese stocks struggled with their worst start to the year since 2016. Growing concerns over Payment-in-Kind debt attracted additional regulatory scrutiny.

Elsewhere, Mali will receive $1.2 billion through miners, while Enbridge plans a pipeline expansion amid a drilling boom. Gazprom continues oil operations in Serbia, and Denmark has a new thriving shipping terminal.