Bitcoin falls back below $93,000 as Trump rally in crypto market fades

Bitcoin’s price fell back below $93,000 as the leading cryptocurrency reversed course following some recent gains following Donald Trump’s election victory.

After over $98,000 Last week, Bitcoin was trading at around $92,000 on Tuesday morning. The cryptocurrency’s value has fallen by more than 6% in the last 24 hours. The reversal has occurred temporarily disappointed hopes Bitcoin hits $100,000 this week.

And when Bitcoin declines, other popular digital assets tend to follow suit. In the last day, Ethereum – the second largest coin by market capitalization – fell 5% to $3,300. Solana fell more than 9%, and Elon Musk’s favorite Dogecoin lost almost 12% in value.

The broader crypto market is down 6.25% over the past day, reaching a market cap of $3.16 trillion. Bitcoin has driven much of this, with a market value alone of about $1.8 trillion. This makes it the eighth largest asset in the world. pull ahead of silver with a market capitalization of $1.7 trillion. Bitcoin is still well behind gold, which is worth $17 trillion.

Bitcoin has been on the rise since Trump, who positioned himself as the “crypto candidate,” won a second term in the White House earlier this month. Bitcoin has gained almost 35% in value since the election.

The rise was accelerated by the debut of Bitcoin ETF (Exchange Traded Funds) Options. last week, marking a pivotal moment in the cryptocurrency industry. These options bridge the gap between the decentralized world of digital assets and traditional finance by providing institutional investors a more familiar and regulated way to access Bitcoin. The ETFs are expected to further increase acceptance and liquidity in the market.

Despite wider adoption by more traditional investors, the crypto market remains volatile and can rise quickly – but fall just as quickly. That could explain why the digital asset is shying away from the long-awaited $100,000 milestone after coming so close last week.