Zcash (ZEC) Plunges by Double Digits, Bitcoin (BTC) Slips Below $90K: Market Watch

Bitcoin’s rally that began with the new year has come to a halt as the asset has slipped below $90,000 once again, after it was rejected at $95,000 a few days ago.

Most altcoins are deep in the red as well on a daily scale, with XRP plunging by over 6%, while ZEC has dumped by over 20% after the departure of one of the developers.

BTC Struggles at $90K

The primary cryptocurrency went on a solid ride starting on January 2 when it pumped from under $88,000 to just over $90,000. It briefly slipped below that level on Saturday morning after the US initiated a military operation against Venezuela and its president. However, it quickly rebounded and went on a roll in the following days.

It jumped to $91,500 on Sunday, to over $93,000 on Monday, and tapped a multi-week peak of just under $95,000 on Tuesday morning. However, after gaining approximately $7,000 in just a few days, it was almost inevitable that it was due for a correction.

At first, BTC slipped to $93,200, surged back up to $94,400, before it was driven to $91,200, and challenged $93,600 all within the span of hours. Nevertheless, the bears took complete control on Wednesday evening and Thursday for now, driving the asset below $90,000 earlier today.

It struggles at around that level now, and its market cap has plunged to $1.8 trillion on CG. Its dominance over the alts is close to 57%.

BTCUSD Jan 8. Source: TradingView

Alts Bleed Out

The alternative coins have followed BTC on the way south, with substantial corrections. Ethereum was stopped at $3,250 and now stands inches above $3,100. BNB has dumped beneath $900, while ADA is below $0.40. XRP has plunged by double digits since its recent multi-week peak and is now down to $2.10.

ZEC is the biggest loser from the top 100 alts after one of its devs said they were leaving the project. PUMP followed suit, while PEPE, UNI, SUI, and CRO are next.

The total crypto market cap has shed around $100 billion in a day and is down to $3.170 trillion on CG.

Cryptocurrency Market Overview Daily January 8. Source: QuantifyCrypto

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