TL;DR:
- BTC was rejected at $88,000, plunged to $85,000, then hovered near $86,000 with market cap $1.720T and dominance under 57%.
- ETH slipped to $2,900 and XRP defended $1.90; BNB sat near $860, while BCH and XMR gained and CC and TAO lagged.
- PI rose about 4% after dipping below $0.20 as ASTER sank 8.5%; market cap shed $30B near $3T, with $81,000 BTC support in focus now.
The crypto market extended its stumble on Dec. 17, with total capitalization slipping toward the $3 trillion line as bitcoin struggled to hold $86,000 while Pi Network’s token rebounded. A separate market brief said the market has fallen below $3 trillion multiple times this month, with large caps leading the retreat. The combined picture is a risk-off tape: weaker bids, tighter patience, and traders scanning for the next support zone ahead of rebalancing and macro signals.
Bitcoin fails at $88K, slides to $85K
Bitcoin’s latest slide followed a failed recovery attempt, with BTC capped near $88,000 after a Monday plunge of more than $4,000 to just over $85,000 and then stuck around $86,000. The update recalled last week’s push toward $94,500 before and after the Fed rate-cut decision, then two rejections that dragged price to $90,000. Market cap was pegged near $1.720 trillion, with dominance just under 57%, as sellers regrouped.
Large caps echoed the hesitancy, with ether slipping to just over $2,900 and XRP defending the $1.90 area while broader weakness was still led by the majors. One brief argued that when Bitcoin, Ether, and XRP drive losses, it can signal a deeper shift rather than fleeting speculation, and pointed to XRP’s difficulty sustaining momentum near $1.90. Elsewhere, BNB hovered around $860, while BCH and XMR were among relative gainers. CC and TAO were notable laggards.
In the altcoin tape, Pi Network’s token clawed back ground after dipping below $0.20, rising about 4% and sitting just above that line, while ASTER extended losses. The market watch listed ASTER down another 8.5% on the day, with PUMP and ENA also lower, while NIGHT gained about 6% and SKY advanced. Total crypto market cap shed roughly $30 billion overnight and was close to slipping below $3 trillion again for the third time this month.
Behind the move, institutional selling and macro headwinds were highlighted as portfolios rebalance into year-end and the U.S. dollar strengthens. One note said retail sentiment has swung to fear, and Santiment has observed that extreme fear has often appeared near local bottoms, though not a guarantee. Technically, Bitcoin’s next major support was flagged near $81,000, with a break risking a pullback toward the $60,000 to $70,000 range as the market recalibrates for liquidity, positioning, and confidence.
