Bitcoin price drops below $91000 as crypto market stumbles: Is the Trump rally reversing?
Bitcoin’s price took a dip to $91,000 on Tuesday afternoon after making some gains and then reversing course following Donald Trump’s election win. This drop comes after Bitcoin hit over $98,000 last week and dropped more than 6% in the past 24 hours, putting a temporary hold on hopes of reaching the $100,000 milestone this week.
When Bitcoin falls, other digital assets usually follow suit. In the last day, Ethereum dropped by 5% to $3,300, Solana fell over 9%, and Dogecoin, favored by Elon Musk, lost almost 12% in value. The wider crypto market decreased by 6.25% in the past day, now sitting at a $3.16 trillion market cap, with Bitcoin alone holding a market value of about $1.8 trillion. This makes it the world’s eighth-largest asset, surpassing silver’s $1.7 trillion market cap but still falling behind gold, which is valued at $17 trillion.
Since Trump’s reelection earlier this month, Bitcoin has been on the rise, gaining almost 35% in value. The recent introduction of Bitcoin ETF options marked a significant moment in the cryptocurrency industry, offering institutional investors a more familiar and regulated way to access Bitcoin and bridging the gap between digital assets and traditional finance. These ETFs are expected to drive further adoption and liquidity in the market.
Despite the increasing interest from traditional investors, the crypto market remains volatile, with rapid rises followed by sudden drops. This unpredictability may explain why Bitcoin hasn’t quite reached the long-anticipated $100,000 milestone after getting so close last week.
