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The crypto market remains above the $3T mark, as Bitcoin's price remains in a tight range between $91,000 and $92,000 after its recent rally failed to sustain upward momentum.
Despite approaching $94,000 last week-setting a new all-time high-the primary Cryptocurrency has faced resistance, with bearish sentiment preventing further gains.
Bitcoin weekly chart. Source: CoinMarketCap
The surge, spurred by news of Donald Trump's electoral victory, led to heightened optimism about bitcoin potentially reaching $100,000, but sellers took the upper hand and caused BTC to briefly dip below $87,000 late last week before rebounding to its current level.
Although MicroStrategy has continued its substantial Bitcoin acquisitions, the asset's market cap holds steady above $1.8 trillion, with a dominance rate near 56.5%.
Altcoin Market Overview
While Bitcoin shows resilience above $91,000, the broader altcoin market faces mixed performances. Several major cryptocurrencies, including Ethereum (ETH), Solana (SOL), Binance Coin (BNB), and Bitcoin Cash (BCH), have recorded minor losses and gains.
XRP (XRP), Cardano (ADA), and Avalanche (AVAX) saw steeper declines of up to 6.5%, with Tezos (XTZ) taking the largest hit, losing 17.0% today, currently at $1.05.
Despite the downturn, a few altcoins have posted notable gains. Akash Network (AKT)) led the pack with a 14% increase, pushing its price to $4.24. Bonk (BONK), the Solana-based memecoin, also surged by 12%.
Peanut the Squirrel (PNUT), the new player in the memecoin field, also posted notable gains, rising to $1.75, a 7.9% increase in 24 hours. The coin had a massive breakthrough when it reached over $1B in market capitalization
Dogecoin (DOGE) also bucked the bearish trend among meme coins, rising nearly 7.8% and breaking above the $0.40 barrier.
Crypto Market Outlook
The crypto market capitalization remains above $3.2 trillion despite minor declines in the past 24 hours.
Bitcoin's ability to break past $92,000 could determine whether the bullish momentum resumes or if the bears will continue to dominate in the near term. Meanwhile, the altcoin market displays signs of both resilience and volatility, with key tokens experiencing contrasting fortunes.
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