Bitcoin Drops to $93k as Market Wipes Out Over $150B Since Boxing Day

TL;DR

• BTC reached the $99k level on Boxing Day but has since retraced and now trades around $93k per coin.

• The total crypto market cap has dipped by over 1% in the last 24 hours.

BTC Dips to $93k as Total Market Cap Declines

The cryptocurrency market was bearish over the weekend, with most coins and tokens down by more than 1%. Bitcoin, the leading cryptocurrency by market cap, lost 1% of its value in the last 24 hours and now trades at $93,656.

Its poor performance comes after rallying close to $100k on Boxing Day. Since trading at $99,800 on Boxing Day, Bitcoin has lost over 5% of its value, with several altcoins recording even greater losses.

Altcoins are not faring better. Ether, the second-largest cryptocurrency by market cap, is the best performer among the top 10 cryptocurrencies by market cap. ETH is up 1% in the last 24 hours to trade above $3,400.

Meanwhile, Ripple’s XRP is the worst performer among the leading cryptocurrencies after losing 5% of its value. At press time, XRP is trading at $2.07 per coin. 

Cardano (ADA), Tron (TRX), BNB, Solana (SOL), and Dogecoin (DOGE) are all down by more than 1% in the last 24 hours. 

With the broader market undergoing a correction, the total cryptocurrency market cap has lost $150 billion over the past few days. Since Bitcoin hit $99k on Boxing Day, the total crypto market cap has declined from $3.43 trillion to now stand at $3.27 trillion.