Bitcoin’s new-year surge has reversed, dragging most altcoins into the red and wiping $100 billion from the global crypto market in a day.
> At a Glance
> – Bitcoin fell back under $90,000 after peaking near $95,000 Tuesday
> – ZEC leads altcoin losses with a 20% dive following a developer exit
> – XRP drops 6%, trading at $2.10
> – Why it matters: The sudden downturn erases a week-long $7,000 BTC rally and signals fresh volatility ahead for investors
BTC’s rally that began on January 2 stalled overnight as sellers drove prices from an intraday high just under $95,000 to current levels around $90,000, cutting the token’s market value to $1.8 trillion and lifting its dominance to almost 57%.
Bitcoin’s Volatile Week
The leading crypto added roughly $7,000 in four days, climbing from $88,000 to a multi-week top near $95,000 before running into resistance. After several whipsaws between $93,200 and $94,400, bears regained control late Wednesday and pushed BTC below the psychologically important $90,000 mark early Thursday.
- January 2: BTC breaks $90,000
- January 5: Rebounds after brief Venezuela-related dip
- January 7: Tags $95,000 high
- January 8: Slides to $90,000
Altcoins Follow South
Major alternative coins mirrored BTC’s retreat. Ethereum reversed at $3,250 and now hovers just above $3,100, while BNB slipped under $900 and ADA fell below $0.40. Among the top-100 tokens, ZEC suffered the steepest decline after a core developer announced their departure, dragging the privacy coin down 20%.
Other notable losers include PUMP, PEPE, UNI, SUI, and CRO, all posting double-digit percentage losses over the past 24 hours.
Key Takeaways
- Bitcoin’s swift $7,000 climb set the stage for a sharp pullback
- Altcoin sector bleeds as $100 billion exits the total crypto market
- Market cap now sits at $3.17 trillion
- Traders await the next catalyst for direction
BTC’s struggle to hold $90,000 puts the focus on near-term support levels as investors gauge whether the rally can resume or further downside lies ahead.
