by Coinstrooper Crypto Articles
Quick Take
  • The crypto market is trading lower today, with total market capitalization slipping by 1.1% over the past 24 hours to $3.02 trillion, according to market data.
  • The pullback comes amid broad weakness across major assets, while trading activity remains elevated, with 24-hour volume at $98.49 billion.
  • Crypto market cap fell 1.1% to $3.02T, with broad losses across major assets;
  • Galaxy Research says Bitcoin has not truly cleared $100K when adjusted for inflation;

What Happened

TLDR:

Galaxy Research says Bitcoin has not truly cleared $100K when adjusted for inflation;

US spot Bitcoin ETFs saw $188.6M in net outflows on Dec. 23, led by BlackRock’s IBIT;

Market Context

The crypto market is trading lower today, with total market capitalization slipping by 1.1% over the past 24 hours to $3.02 trillion, according to market data. The pullback comes amid broad weakness across major assets, while trading activity remains elevated, with 24-hour volume at $98.49 billion.

Crypto market cap fell 1.1% to $3.02T, with broad losses across major assets;

Market sentiment remains weak, with the Fear & Greed Index at 27 (fear);

At the time of writing, most of the top 10 cryptocurrencies by market capitalization are in the red over the past day.

Bitcoin (BTC) is trading at $86,780, down 0.8% over the last 24 hours, though it remains slightly higher on the weekly timeframe.

Bitcoin’s market cap stands at approximately $1.73 trillion, maintaining its dominant position despite the broader downturn.

Ethereum (ETH) has fallen 1.5% to $2,919, with its market capitalization sitting near $352 billion.

Among the largest declines in the top 10, Solana (SOL) dropped 2.3% to $121.36, while BNB (BNB) slipped 1.6% to $835.76. XRP (XRP) also declined 1.8%, trading at $1.85.

Dogecoin (DOGE) is down 2.2% on the day, changing hands at $0.1274, while Cardano (ADA) recorded one of the sharpest losses among large caps, falling 2.3% to $0.3554.

Outside the majors, select tokens posted gains. SQD led the market with a 43.7% surge, followed by Quantum Resistant Ledger, which climbed 31%, and pippin, up 21.8%, standing out as notable outperformers amid an otherwise risk-off session.

Bitcoin Dominance Rises as Altcoins Face Year-End Pressure

Bitcoin’s share of the crypto market continues to climb as trading activity slows toward year-end, keeping altcoins under sustained pressure, according to Wintermute’s latest market update.

The report said capital rotating is out of smaller tokens and back into Bitcoin and Ethereum, dampening expectations for an altcoin rally typically seen after strong Bitcoin moves.

The broader market remains weak, with Bitcoin slipping below $87,000 and Ethereum trading near $3,000 over the past 24 hours. Altcoins posted steeper losses, led by the NFT sector, which fell more than 9% as risk appetite faded.

Earlier in the week, heavy volatility triggered roughly $600 million in liquidations on Monday, followed by another $400 million on both Wednesday and Thursday.

Why It Matters

BTC is consolidating near $87K, with key support at $85K–$86K and downside risk toward $80K;

Meanwhile, Galaxy Research has said Bitcoin may have printed new highs in nominal terms, but it has yet to truly clear the $100,000 mark once inflation is taken into account.

Details

US spot Ether ETFs also recorded outflows of $95.5M, reversing the prior day’s inflows;

Institutional activity continues, with Bitmine adding nearly $1B worth of ETH in December.

Crypto Winners & Losers

Galaxy’s head of research, Alex Thorn, said Tuesday that Bitcoin never crossed six figures when adjusted for inflation using 2020 dollars, despite the asset reaching an all-time high above $126,000 in October.