Canton (CC) Rockets by 17% Daily, Bitcoin (BTC) Stopped at $88K: Market Watch

The modest recovery staged by the bitcoin bulls over the past 24 hours drove the asset to $88,000, where it faced an immediate rejection and now sits well below that level.

Most larger-cap altcoins are slightly in the green, but they still can’t get out of the recent nosedive. ZEC has emerged as the top gainer here, while the mid-caps have CC as their daily winner.

BTC Halted at $88K

The graph below will clearly demonstrate BTC’s choppy market moves as of late. The cryptocurrency went through a volatile period last week as it dumped from $90,000 to $85,500, bounced back to $90,000 before it slumped to a local low of $84,400, even though the US CPI numbers for November were much better than anticipated.

The bull finally stepped up at this point and prevented another setback. Bitcoin went on the offensive in the following hours, but was stopped at $89,000. It spent most of the weekend trading sideways around $88,000, but initiated another leg up on Monday. This time, it peaked above $90,400, but that was another failed attempt at reclaiming that level.

It quickly lost some traction and slipped to $86,400 yesterday. The subsequent rebound drove BTC to $88,000 earlier this morning, but it couldn’t continue further and now sits $500 away from that target.

Its market cap remains below $1.750 trillion on CG, while its dominance over the alts stands at 57.5%.

BTCUSD Dec 25. Source: TradingView

CC on the Run

Ethereum has defended the $2,900 level, while BNB remains inches above $840. XRP has dropped below the $1.90 support, which could spell further trouble for the asset, but it’s now slightly in the green daily. SOL, ADA, BCH, LINK, and XMR have also marked minor gains.

ZEC has emerged as the top performer from the larger-cap alts, surging by more than 9% to almost $450. CC has taken the main stage from the top 100 alts, having soared by 17% to well over $0.10. TAO is up by 7% since yesterday.

The total crypto market cap has added around $20 billion in a day and is up to $3.040 trillion on CG.

Cryptocurrency Market Overview Daily Dec 25. Source: QuantifyCrypto

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