Bitcoin price drops below $94,000 after record high, market cap falls below $2 trillion

Bitcoin prices fell sharply from a record high of $103,583, dipping below $94,000 before rebounding to $97,000 on Friday, just a day after reaching historic levels. The cryptocurrency's market capitalization also dropped below $2 trillion, a level it had briefly surpassed on Thursday.

As of 11:30 PM, Bitcoin was down 4.5%, trading at $97,924, while Ethereum rose 1.2%, reaching $3,893.

"In the last 24 hours, the cryptocurrency market saw significant volatility, with Bitcoin dipping below the $100,000 mark after reaching a new all-time high. This retreat came amid substantial market activity, with over $500 million in liquidations in a single day," said Shivam Thakral, CEO of BuyUcoin.


Edul Patel, CEO of Mudrex, noted, "After hitting its peak, Bitcoin is consolidating around $97,000, with some profit-taking. Institutional players are increasingly entering the market, while retail participation remains in its early stages, suggesting the bull run could have more room to grow."

Bitcoin's initial surge occurred after President-elect Donald Trump nominated Paul Atkins for SEC chair, a choice seen as favorable for crypto regulation. Since Trump's election win, Bitcoin has risen by about 45%, driven by an influx of money into Bitcoin-backed exchange-traded funds (ETFs) in the U.S.

Despite Bitcoin's recent struggles, several other major cryptocurrencies saw gains, including XRP (2.5%), Solana (2.4%), Polkadot (2.2%), Chainlink (1%), Litecoin (7.7%), Uniswap (7.6%), and NEAR Protocol (9%).

Also Read: Beyond Bitcoin! XRP, Solana, and other major altcoins surge up to 375% since Trump’s win

"Bitcoin dominance has dropped below 56% again, as altcoins like Ethereum, XRP, and BNB are showing strong recoveries. Traders are hopeful for another Bitcoin push toward $100,000 this week, confirming a continuation pattern," said Vikram Subburaj, CEO of Giottus.

The global cryptocurrency market capitalization fell 1.3% over the past 24 hours to approximately $3.6 trillion. According to CoinMarketCap, stablecoins now make up 92.75% of the total 24-hour crypto market volume, at $292.51 billion.

Bitcoin’s market cap dropped to $1.94 trillion, and its volume in the last 24 hours increased by 12.64% to $127.41 billion.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)