Bitcoin Falls From $100,000 Peak as Markets Entered Waiting Sentiment

 

Bitcoin dips today (Dec. 9), retreating from its weekend rally. The downward trend is because the market expects more favorable cryptocurrency signs from the US President-elect Trump.

 

Last week, Mt. Gox Exchange's transfer of more than $2 billion worth of bitcoin multiplied the market's caution about crypto trade. The move was seen as a precursor to a distribution, considering that Bitcoin surged last week, hitting an all-time high of $103,719.4. Trump's nomination of a pro-cryptocurrency Chair for the Securities and Exchange Commission (SEC) triggered Bitcoin's surge last week.

 

Trump pledged to introduce cryptocurrency-friendly regulations during his upcoming term and even proposed a strategic Bitcoin reserve. However, analysts doubt the completion of the Bitcoin reserve. Therefore, before Trump takes office on January 20, 2025, traders are waiting for more links to cryptocurrency policy. Bitcoin is still expected to stay in its peak range.

 

The cryptocurrency market also shows a trend of altcoins rising more than Bitcoin. Bitcoin dominance plunged to about 55%, its one-month low, according to Coinmarketcap. The steep decline in bitcoin's dominance, a measure of its percentage of the crypto market value, has instead bolstered the outperformance of altcoins.

 

XRP was one of the biggest winners of the crypto trade. Because traders deemed that after Trump took office, the SEC would cancel its lawsuit against Ripple, the issuer of XRP, XRP surged to its six-year peak.