Crypto Price Today: Even on the second day of the new year, the cryptocurrency market failed to show a strong recovery. Major coins like Bitcoin and Ethereum have been under pressure for the past few days, weakening investor confidence. The main reasons for the market volatility are considered to be the decreasing participation of institutional investors and the continuous outflows from ETFs.
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Warning of a 90 percent drop in Bitcoin causes panic
Bloomberg Intelligence strategist Mike McGlone has warned that Bitcoin, currently trading above $87,000, could fall to $10,000 this year. According to him, in its early days, Bitcoin was the only cryptocurrency, but now thousands of digital assets exist in the market. Increased competition is putting pressure on Bitcoin’s dominance, which could lead to a significant drop in prices.
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ETF Outflows and Weak Demand are Major Factors
Recently, approximately $131 million was withdrawn from US spot Bitcoin ETFs. Investment in Ethereum ETFs has also slowed down. The continuous ETF outflows for a week indicate that institutional investors are currently avoiding taking risks, which is directly impacting the entire crypto market.
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Crypto Market Cap and Major Currencies Today
On January 2, 2025, the global crypto market cap fell to approximately $2.97 trillion. Despite a slight increase in Bitcoin, the price remains below $90,000 and is trading around $88,920. Ethereum also saw a slight increase, reaching approximately $3,021. Solana, Tether, and Dogecoin also registered limited gains, but the overall market direction still appears weak.
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Some Altcoins Showed Strong Gains
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While major coins are under pressure, investor interest has increased in some selected tokens. The Story Token saw a surge of over 30 percent in its price in a single day. Tokens like Lighter and Pudgy Penguins also registered significant gains, indicating that money hasn’t completely left the market, but is instead shifting towards select projects.