Bitcoin's (BTC) price rose above $90,000 for the first time in the past seven days. On the morning of December 29, starting from around $87,500, the leading cryptocurrency increased in price by nearly $3,000, reaching $90,300—the highest level since December 22.
As of 11:00 Moscow time, BTC is trading around $89,600, with the coin's price up 2.2% over the past 24 hours. The total market capitalization of cryptocurrencies increased by 1.8% during this time, reaching $3.02 trillion.
Ethereum (ETH) once again rose above $3,000. The altcoin increased in price by 2.7% over the past 24 hours and is trading around $3,010. The prices of other coins in the top 10 showed gains of up to 3%.
Among the top 100 cryptocurrencies, Canton (CC) saw the strongest increase—up 11%. The token Pippin (PIPPIN) experienced the largest decline—down 8%.
The Fear and Greed Index in the crypto market has remained in the "extreme fear" zone for over two weeks. On December 29, the indicator fluctuated around 24 points out of 100, indicating a tendency among market participants to sell off cryptocurrencies.
According to the latest trading week, spot Bitcoin exchange-traded funds (ETFs) in the U.S. recorded a net capital outflow of $782 million, according to SoSoValue. Since the beginning of the month, the outflow has exceeded $1 billion. Ethereum funds show a similar trend: over the past week, $102 million was withdrawn from them, and over the incomplete month of December, $603 million.
Despite Bitcoin's attempt to hold the psychologically important level around $90,000, the asset is showing its worst quarterly performance in 2.5 years. According to Coinglass, since the beginning of October, BTC has fallen by 22.7%. The last time it recorded lower returns (-57%) was after the collapse of the Terra crypto project in the second quarter of 2022.
Analysts believe that the bearish sentiment in the market persists, and for bullish sentiment to improve, Bitcoin not only needs to break through the $90,000 barrier but also hold above it. According to their assessments, positive factors remain for the crypto industry as a whole, but for growth to occur, there needs to be a resumption of sustained inflows into spot ETFs, progress in crypto market regulation in the U.S., and a positive economic backdrop.
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