Bitcoin price today: up slightly at $94.5k, set for first monthly fall since Aug
Bitcoin rose slightly on Tuesday amid soft year-end trading volumes, but the token was set for its first monthly fall since early August.
Bitcoin climbed 0.8% to $94,545.0 by 07:22 ET (12:22 GMT).
The most popular cryptocurrency fell to over a month low of $91,522 on Monday but later recovered as dip buyers emerged.
Bitcoin recorded its second straight weekly fall last week, and has fallen in five out of the last six sessions. Bitcoin set for first monthly fall since Aug
Bitcoin was set to lose nearly 4% in December, which saw the U.S. Federal Reserve’s hawkish tilt.
It had risen nearly 40% in November with a rally induced by Donald Trump’s presidential election victory in early November.
The rally had pushed the token to an all-time high of $108,244.9, after which prices fell due to profit-taking amid macroeconomic pressures induced by the Fed rate outlook.
The Fed indicated only two rate cuts for the upcoming year, compared with previous expectations for four cuts.
This shift led investors to reassess their positions in speculative assets like Bitcoin, contributing to its price decline. Crypto stocks fall in line with Bitcoin
Crypto-related stocks fell on Monday tracking the downtrend in Bitcoin.
MicroStrategy Incorporated (NASDAQ:MSTR ) declined 8.2%, and Coinbase Global Inc (NASDAQ:COIN ) lost 3.2%.
Riot Platforms (NASDAQ:RIOT ) ended 4.5% lower, while Marathon Digital Holdings Inc (NASDAQ:MARA ) fell 6.2% Crypto price today: most altcoins in flat-to-low range as risk-off sentiment remains
Other cryptocurrencies mainly traded in a flat-to-low range on Tuesday as demand for speculative assets was still subdued.
World no.2 crypto Ether slipped 0.6% to $3,395.21. Ether was on track to fall around 8% this month after surging more than 47% in November.
World no.3 crypto XRP traded flat at $2.081.
Solana was also unchanged in the past 24 hours, while Polygon fell 1.3% and Cardano lost 1.5%. Among meme tokens Dogecoin lost edged lower 0.3%. Ethereum to outperform Bitcoin in 2025, research firm says
Ether is set to outperform Bitcoin in 2025, according to a report by Steno Research, which cites historical patterns and Donald Trump’s election victory as key factors.
The report predicts Bitcoin could climb to at least $150,000 next year, up from around $94,000, while Ether is expected to more than double, reaching $8,000 from its current $3,400. Steno forecasts the ether/bitcoin ratio will increase to 0.06 within the next year, rising from 0.0357, aligning with trends from previous market cycles.
Altcoins are likely to draw more attention, Steno analyst Mads Eberhardt said in a note seen by CoinDesk, stressing that "Donald Trump's U.S. presidential victory is more favorable for altcoins than for Bitcoin."
Steno anticipates Bitcoin’s market dominance could decline to 45%, down from roughly 56.6% at present.
Moreover, decentralized applications are projected to reach a total value locked (TVL) of $300 billion, which Steno believes strengthens the case for higher altcoin prices. The firm also highlights the potential introduction of cryptocurrency ETFs in the U.S. as a factor that could further boost the altcoin market.
Ayushman Ojha contributed to this report.
Source: Investing.com
