Bitcoin Remained Above $100,000 for Less Than a Day. What Happened?

Bitcoin has remained above $100,000 for less than a day. The price of the first cryptocurrency fell by more than $10,000 after updating its all-time high.

Bitcoin (BTC) has remained above $100,000 for less than a day. On the morning of 5 December, the coin's price crossed this threshold for the first time in history, reaching USDT 104,088 on the largest cryptocurrency trading platform, Binance. On the same platform, on the night of 5-6 December, Bitcoin's rate dropped to exactly 90,500 USDT.

The average minimum price of BTC on cryptocurrency trading platforms at the time of the collapse was recorded at $91.9 thousand, according to CoinMarketCap. After a sudden fall, the asset's price has partially recovered; as of 10:40am Bitcoin is trading around $98.2 thousand.

The first cryptocurrency has fallen by 4% in 24 hours. Bitcoin's capitalization is $1.9 trillion, the trading volume for 24 hours is $156 billion. Bitcoin's market share is 55.31%, according to TradingView.

The total capitalization of the cryptocurrency market has decreased by 2.7% in 24 hours, to $3.77 trillion. The total volume of digital coin trading over the past 24 hours was $426 billion. The day before, against the backdrop of BTC growth above $100 thousand, this figure recorded a record $505 billion.

The Ethereum (ETH) rate fell to $3.63 thousand at night, but recovered and at 10:40 am is trading at about $3.9 thousand. The leading altcoin has risen in price by 1.1% in 24 hours, its market share is 12.5%.

Over the past 24 hours, the largest cryptocurrencies by capitalization from the top 10 have shown slight multidirectional movement. The XRP (XRP) token from Ripple has fallen the most - by 1.2%. Solana (SOL) has risen the most - by 1.9%.

Of the first hundred leading cryptocurrencies, the dYdX (DYDX) token has shown the greatest growth - 28.5%. The biggest drop in a day for the second day in a row was recorded by IOTA (IOTA), the coin fell by another 7.9%.

Amid sharp jumps in cryptocurrency rates, exchanges liquidated the positions of 156 thousand traders in 24 hours for a total of $872 million. Of these, Bitcoin accounted for $487 million, Ethereum - $86 million. 80% of the forcibly closed positions were long.

Experts warned about the correction that could be triggered by market overheating. At the same time, they noted that Bitcoin has recovered quite quickly from recent drawdowns, as in the case of the fall amid rising political tensions in South Korea at the beginning of the week.

Analysts previously talked about what kind of correction BTC might have this time and how the "whales" of the crypto market would behave in this situation.