Market Overview
The cryptocurrency market could not maintain the momentum witnessed at the start of the business week and registered a slight pullback over the past 24 hours. Bitcoin (BTC) slipped to around $90,000, whereas popular altcoins like Hyperliquid (HYPE) witnessed much more substantial losses.
BTC Takes a Step Back
The leading digital asset started the new week on the right foot, and at one point, its price briefly surged past $92,000. In the following hours, though, the bears regained control, and BTC slipped below the psychological level of $90K. The buyers prevented a more significant decline, and as of this writing, the asset trades at around $90,200, representing a 2% decrease on a daily scale.
Interestingly, BTC’s retreat occurred shortly after Strategy (the former MicroStrategy) revealed another massive accumulation. The company spent almost $1 billion to scoop up more than 10,600 coins, boosting its total stash to 660,624 BTC. On paper, the acquisition looks undeniably bullish – yet history shows that BTC often dips right after Strategy announces a new purchase.
Meanwhile, the FOMC committee meeting scheduled for this week is expected to stir additional turbulence. America’s central bank will disclose its interest rate decision on December 10, and expectations point to a quarter-percentage cut to the benchmark.
Following BTC’s price decrease, its market capitalization has retraced to around $1.8 trillion, whereas its dominance over the alternative coins stands at roughly 57.05%.
HYPE and These Alts Bleed Out
The condition of some of the well-known altcoins is much worse. Hyperliquid (HYPE) leads the losers’ team with a daily plunge of 9%, while Quant (QNT) and Kaspa (KAS) follow next with declines of around 6%.
Internet Computer (ICP), Uniswap (UNI), Bitcoin Cash (BCH), Pepe (PEPE), Chainlink (LINK), and Dogecoin (DOGE) are also well in the red. On the other hand, MemeCore (M) and Canton (CC) are the best-performing top 100 cryptocurrencies today (December 9), with gains of 7% and 5%, respectively. For its part, Zcash (ZEC) pumped by 4% and is currently trading above $400.
As of this writing, the total cryptocurrency market capitalization stands at around $3.16 trillion, meaning a 2% decrease compared to yesterday’s figures.
