The total cryptocurrency market cap is just over $3 trillion.
Bitcoin (BTC) briefly fell to $85,100, while some popular altcoins posted even bigger losses. Aster (ASTER) and Ondo (ONDO) are among the worst performers, with their prices falling by double digits.
BTC is bleeding out
Bitcoin’s consolidation around $90,000 didn’t last long, and just hours ago the price plummeted to a two-week low of almost $85,000. At first glance, it didn’t seem like there was a major factor that caused the sell-off, but if we look deeper, there are some possible reasons.
One of these is the reduced chance that pro-crypto Kevin Hassett would become the next chairman of the Federal Reserve. Polymarket is now leaning towards Kevin Warsh, who has a rather cautious view of the crypto industry and has supported the creation of a CBDC in the United States.
The plunge to around $85,100 appears to have been the local low (at least for now), as buyers have managed to regain some lost ground and BTC is currently trading around $86,300.
After the recent decline, the asset’s market capitalization has fallen to around $1.72 trillion, while its dominance against alternative coins stands at 59.2%.
The Alts suffered more serious losses
As usually happens, the altcoins mimicked BTC’s move, and many of them witnessed even more substantial declines. Aster (ASTER) fell 12% on the 24-hour scale to around $0.81, while Midnight (NIGHT), Pump.fun (PUMP), Ondo (ONDO) and Worldcoin (WLD) also headed south by double digits.
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Among the few in the green zone today (December 16) are Canton (CC), Provenance Hash (HASH) and Monero (XMR), all posting small gains on the order of 1% – 2%.
The total cryptocurrency market capitalization fell to approximately $3.03 trillion, marking a significant drop of 4.1% on a daily scale.
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