Despite a slight improvement in Bitcoin’s price, leading cryptocurrencies such as Solana, XRP, and Ethereum are experiencing losses in the crypto market. Bitcoin’s price remains confined within a downward trend that began in early November, with recent attempts to rise showing weak resistance levels. This indicates that the $91,000 support level for Bitcoin is crucial for determining the market’s direction. Bitcoin, as the largest and most prominent cryptocurrency globally, significantly influences overall market conditions. Other major cryptocurrencies like Solana, XRP, and Ethereum generally follow Bitcoin’s price fluctuations; therefore, instability in Bitcoin affects them as well. Solana is a fast and low-cost blockchain platform hosting decentralized applications, XRP is used for international money transfers, and Ethereum is a blockchain platform enabling smart contracts with its native currency, Ether. Currently, market uncertainty is causing investors to adopt a cautious stance. If Bitcoin maintains its $91,000 support, market stability may return, potentially leading to price improvements in other cryptocurrencies. Conversely, if this support fails, further declines in cryptocurrency prices are likely, posing risks to investors. Overall, given the volatile and unpredictable nature of cryptocurrency markets, exercising caution when investing under current conditions is essential.
Source: coindesk
