On December 10, Bitcoin fell to $96,000 amid a broader market decline, with a total capitalization of $3.40 trillion. Major altcoins like Ethereum, Solana, and Ripple also saw significant drops, while the UNUS SED LEO token was the only notable gainer. Analysts express concerns over Bitcoin’s market position, emphasizing the importance of sustaining critical price levels.

On December 10, the global cryptocurrency market faced significant losses, with Bitcoin (BTC), the leading digital currency, decreasing to approximately $96,000. The overall market capitalization dropped to $3.40 trillion, reflecting a decline of 6.64 percent over 24 hours. Notable altcoins such as Ethereum (ETH), Solana (SOL), Ripple (XRP), and Litecoin (LTC) experienced substantial falls, underscoring the bearish trend prevalent in the market. The only notable gainer was the UNUS SED LEO (LEO) token, which saw a modest increase of over 2 percent.

Bitcoin’s price of $96,925.37 represents a loss of 3.31 percent within the last 24 hours, while Ethereum has fallen by 7.58 percent, trading at $3,640.72. Dogecoin (DOGE) and Litecoin (LTC) also reported losses of 14 percent and 19.16 percent, respectively. In stark contrast, Gala (GALA) suffered a steep decline of more than 22 percent, making it the biggest loser of the day.

Market analysts have expressed concerns regarding recent market dynamics. Edul Patel, co-founder of Mudrex, discussed Bitcoin’s recent volatility, highlighting significant purchases by MicroStrategy. Shivam Thakral, CEO of BuyUcoin, noted Bitcoin’s recognition by the U.S. Treasury as ‘digital gold,’ emphasizing the bullish sentiment surrounding cryptocurrency despite price fluctuations. Furthermore, expert commentary from other leading figures in the industry provided insights on the important technical levels Bitcoin must hold, as well as reactions to the broader market sentiment.

As of December 10, the cryptocurrency market has encountered a notable decline, with major cryptocurrencies reversing recent gains. Bitcoin’s plunge back to $96,000 follows a streak of increased prices, driven by growing institutional interest. The crypto market continues to show signs of volatility, influenced by broader economic factors and trading behaviors, such as liquidation of bullish positions. The Market Fear & Greed Index reflects market sentiments, which are pivotal in informing potential trends or price corrections within the sector.

The cryptocurrency market remains in a state of flux, with significant declines observed across major coins on December 10. Bitcoin’s critical price support around the $96,000 level is under pressure, amid increased selling and bearish sentiments. Analysts maintain a cautious outlook as market dynamics shift, with various indicators suggesting a complex interplay between institutional buying and retail investor sentiment. The developments in the coming days will be crucial for the trajectory of cryptocurrencies leading into the end of the year.

Original Source: news.abplive.com

Related posts:

Cryptocurrency Market Update: Bitcoin Surpasses $96,000 with ALGO Leading Gainers Cryptocurrency Update: Bitcoin Holds Steady at $96,000 As Market Cap Reaches $3.34 Trillion Cryptocurrency Market Update (November 28): Bitcoin Exceeds $95,000 Mark Cryptocurrency Update: Bitcoin Dips, IOTA Soars on December 3, 2023