Bitcoin’s price has dipped back below $93,000, reversing some of its recent gains following Donald Trump’s election win. After briefly surpassing $98,000 last week, Bitcoin was trading at approximately $92,000 on Tuesday morning, marking a drop of over 6% in the past 24 hours. This decline has momentarily dashed hopes of Bitcoin reaching the coveted $100,000 mark this week.
As Bitcoin falls, other major cryptocurrencies tend to follow suit. Ethereum, the second-largest cryptocurrency by market cap, saw a 5% drop to $3,300, while Solana plunged over 9%, and Dogecoin, favored by Elon Musk, lost nearly 12% of its value.
The broader crypto market has fallen by 6.25% in the last 24 hours, bringing its total market cap to $3.16 trillion. Bitcoin plays a large role in this, with a market value of approximately $1.8 trillion, making it the world’s eighth-largest asset — surpassing silver’s $1.7 trillion market cap. However, it still lags far behind gold, which holds a $17 trillion valuation.
Bitcoin’s recent rally followed Trump’s victory, with the cryptocurrency gaining nearly 35% in value since the election. This surge was further fueled by the launch of Bitcoin ETFs (exchange-traded funds) last week, a significant milestone for the crypto industry. These ETFs provide institutional investors with a more familiar and regulated way to invest in Bitcoin, bridging the gap between decentralized digital assets and traditional finance. This new investment vehicle is expected to drive greater market adoption and liquidity.
However, despite increased institutional interest, the crypto market remains highly volatile. While it can surge rapidly, it can also retreat just as quickly, which could explain why Bitcoin has struggled to break the $100,000 threshold, despite coming close last week.
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