Investing.com– Bitcoin rose slightly on Tuesday amid weak year-end trading volumes, but the token was set for its first monthly decline since early August.
rose 0.8% to $94,545.0 by 07:22 ET (12:22 GMT).
The most popular cryptocurrency fell to a more than one-month low of $91,522 on Monday, but later recovered as low-priced buyers emerged.
Bitcoin posted its second consecutive weekly decline last week, and has fallen in five of the last six sessions.
Bitcoin is set for its first monthly decline since August
Bitcoin was set to lose nearly 4% in December, leading to a hawkish tilt by the US Federal Reserve.
It rose nearly 40% in November thanks to a surge triggered by Donald Trump’s victory in the presidential election in early November.
The gain pushed the token to an all-time high of $108,244.9, after which prices fell due to profit-taking amid macroeconomic pressures triggered by the Fed rate outlook.
The Fed has indicated just two interest rate cuts for the coming year, compared to previous expectations for four cuts.
This change caused investors to re-evaluate their positions in speculative assets like Bitcoin, contributing to its price decline.
Crypto stocks fall in line with Bitcoin
Cryptocurrency stocks fell on Monday following Bitcoin’s downtrend.
MicroStrategy Incorporated (NASDAQ: ) declined 8.2%, i Coinbase Global Inc (NASDAQ: ) lost 3.2%.
Riot Platforms (NASDAQ: ) ended down 4.5%, while Marathon Digital Holdings Inc (NASDAQ: ) fell 6.2%
Cryptocurrency Price Today: Most altcoins are in a flat to low range as risk-off sentiment remains
Other cryptocurrencies traded mostly flat to lower on Tuesday as demand for speculative assets was still muted.
The world’s No. 2 cryptocurrency slipped 0.6% to $3,395.21. Ether was on track to fall around 8% this month after jumping more than 47% in November.
The world’s No. 3 cryptocurrency was trading flat at $2.081.
it was also unchanged in the last 24 hours, falling 1.3% and losing 1.5%. Among meme tokens, less than 0.3% was lost.
to overtake Bitcoin in 2025, research firm says
Ether is set to outperform Bitcoin in 2025, according to a report by Steno Research, which cites historical patterns and Donald Trump’s election victory as key factors.
The report predicts that Bitcoin could climb to at least $150,000 next year, up from around $94,000, while Ether is expected to more than double, reaching $8,000 from the current $3,400. Steno predicts that the ether/bitcoin ratio will increase to 0.06 within the next year, from 0.0357, in line with trends from previous market cycles.
Altcoins are likely to get more attention, Steno analyst Mads Eberhardt said in a note seen by CoinDesk, noting that “Donald Trump’s victory in the US presidential election is more favorable for altcoins than for Bitcoin.”
Steno predicts that Bitcoin’s market dominance could drop to 45%, down from roughly 56.6% currently.
Moreover, decentralized applications are predicted to reach a total locked value (TVL) of $300 billion, which Steno believes strengthens the case for higher altcoin prices. The company also points to the potential introduction of cryptocurrency ETFs in the US as a factor that could further boost the altcoin market.
Ayushman Ojha contributed to this report.
