Synopsis
On Monday, major altcoins experienced declines, with XRP dropping 3%, BNB decreasing by 2.1%, Solana falling 2.2%, Dogecoin down by 3.75%, Cardano slipping 7%, Tron losing 5.2%, Avalanche declining by 5%, and Sui dropping 7.5%. As a result, the global crypto market cap fell by 0.9%, reaching $3.26 trillion.
Bitcoin (BTC), the world’s largest cryptocurrency, and other crypto tokens fell on Monday after a stronger-than-expected U.S. jobs report dampened hopes for early interest rate cuts by the Federal Reserve.
Friday’s data revealed that U.S. job growth accelerated in December, pushing 10-year Treasury yields to 14-month highs. This raised the likelihood of fewer rate cuts in 2025, making emerging markets like India less attractive for investment.
The U.S. added 256,000 jobs in December, surpassing the expected 165,000, leading to revised expectations of just one rate cut in 2025.
Crypto Tracker
TOP COIN SETSBTC 50 :: ETH 50-10.91% BuySmart Contract Tracker-13.28% BuyWeb3 Tracker-13.33% BuyDeFi Tracker-18.81% BuyNFT & Metaverse Tracker-22.35% BuyTOP COINS (₹) Tether86 (0.43%)BuyBitcoin8,112,320 (-0.2%)BuyBNB59,051 (-1.23%)BuyEthereum277,310 (-1.54%)BuyXRP214 (-1.7%)BuyAt 11:00 am IST, Bitcoin was trading at $93,296, down 1.1%, while Ethereum slipped 1.3% to $3,186.
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View Details »“Markets have been on a slight downturn ever since stronger than expected economic data is suggesting that the Fed might pause rate cuts in 2025,” said CoinSwitch Markets Desk.
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Edul Patel, CEO of Mudrex, noted, “Profit booking continued after stronger-than-expected U.S. non-farm data. Bitcoin needs to hold above $92,300 to gain momentum for further rallies, with resistance at $96,300.”
Also Read: Bitcoin in 2025: Risk or opportunity for the loyal investors?
Major altcoins also saw declines on Monday. XRP dropped 3%, BNB declined 2.1%, Solana slipped 2.2%, Dogecoin dropped 3.75%, Cardano fell 7%, Tron decreased 5.2%, Avalanche dropped 5%, and Sui fell 7.5%. The global crypto market cap decreased by 0.9%, reaching $3.26 trillion.
“Altcoins slipped further, with Cardano, Tron, Sui, and Avalanche dropping over 4%. Ethereum trades near $3,200. Traders should avoid leveraged positions until a clear trend emerges,” advised Vikram Subburaj, CEO of Giottus.
The volume of all stablecoins is now $75 billion, which is 91.38% of the total crypto market 24-hour volume, as per data available on .
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, fell to $1.856 trillion. Bitcoin’s dominance is currently 56.91%, according to . BTC volume in the last 24 hours surged 67.3% to $29.08 billion.
Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin
Bitcoin recently tested the $100,000 level but failed to hold and fell to the critical support at $92,000. On the daily chart, this support has been held several times, but retests increase the likelihood of a failure, potentially targeting $85,000. Conversely, if it holds $92,000, BTC may try to rise further towards $100,000 and above.
The four-hour chart is dominated by bearish momentum with no significant signs of recovery.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
