The cryptocurrency market is retreating after a brief recovery yesterday, following the widespread weakness of global risk assets. Since yesterday's high, the total market capitalization of cryptocurrencies (TOTAL) has fallen by more than 3%, currently standing at $3.04 trillion.
Bitcoin fell by about 2% in the last 24 hours, performing better than most coins in the market. Ethereum underperformed, dropping more than 5%, pressured by recent capital outflows from ETFs.
Losses are widespread among major large-cap companies, with several tokens among the top 100 extending recent declines. Ethena (ENA) has been one of the main examples of underperformance among large companies, losing more than 6% in a single day.
Ripple approaches federal bank status: Ripple has received conditional approval from the U.S. Office of the Comptroller of the Currency to seek a national trust bank charter. This move strengthens Ripple's regulated payment and custody infrastructure, supporting long-term institutional adoption, although it is unlikely to influence XRP price movement in the short term.
Bitcoin attracts new criticism from the traditional financial market: the global head of quantitative equities at Vanguard reportedly referred to Bitcoin as a "digital Labubu," highlighting the ongoing skepticism from the traditional financial sector. The comment underscores the growing discrepancy between the views of the traditional market and the increasingly institutional presence of Bitcoin.
Ethereum ETFs recorded net outflows for the second consecutive day: Ethereum spot ETFs had net outflows of $42.37 million on December 11 and another $19.41 million on December 12. The consecutive withdrawals increased pressure on ETH, helping to explain its underperformance compared to Bitcoin.
Cryptocurrency market capitalization falls, key support now in focus
The total cryptocurrency market capitalization (TOTAL) fell after failing to maintain recent highs. Compared to yesterday's peak, the market dropped just over 3%, eliminating approximately $96 billion in value. It is currently trading close to $3.04 trillion, stabilizing but still remaining fragile.
This movement accompanied weakness in global stock markets. Over the last 24 hours, the Nasdaq fell approximately 1.5%, while the S&P 500 retreated about 1%. This risk-off sentiment extended to the cryptocurrency market, limiting the continuation of the rally after the recent recovery.
From a structural perspective, the $3.01 trillion level is now critical. This area has previously acted as short-term support multiple times. As long as the total market capitalization remains above $3.01 trillion, another recovery attempt remains possible.
If this level is broken, the next drop would approach $2.95 trillion. This zone coincides with the previous consolidation base. A sharper decline toward $2.73 trillion would only occur if selling intensified drastically.
On the other hand, the market needs to recover $3.17 trillion to regain momentum. This level has limited recent recoveries and marks the dividing line between a sideways recovery and a broader continuation move.
A significant rise above this level would reopen the path to the $3.24 trillion region. The relative stability of Bitcoin is helping to limit downside risk for now.
Bitcoin remains firm with the emergence of a significant support level
The price of Bitcoin dropped about 2% in the last 24 hours but is holding up better than most risk assets. While stocks and large-cap altcoins depreciated, Bitcoin remained relatively stable, helping to slow the widespread market decline.
The main reason is clear in the chart. Since December 7, Bitcoin has repeatedly defended the $90,000 level. Each drop toward this zone has been met with buying, and no daily close below this level has held.
This behavior demonstrates a discreet strength, even if sentiment remains cautious.
If conditions improve, Bitcoin needs a rise of approximately 4.75% to test the resistance near $94,600. This level has limited recent highs. A daily close above this level would push the structure upward and pave the way for new valuations.
On the other hand, the $90,000 level continues to be the line that defines the trend. A daily close below this level would weaken the structure and expose support at $88,100, with $83,800 as the next deeper support. As long as the $90,000 level holds, Bitcoin will continue to be the stabilizing force in an unstable market.
Ethena (ENA) leads the losses as selling pressure increases
Ethena is one of the large-cap companies with the worst performance today, down more than 6% in the last 24 hours and widening its monthly depreciation to over 20%. The decline stands out even in a weak market.
The price of ENA is trading close to $0.248, pressing against a fragile support zone. A daily close below $0.245 would pave the way for $0.216, which implies an additional drop of 12% from current levels.
Selling pressure is also increasing at lower levels. The Bull-Bear Power indicator, which compares buying strength with selling strength on each candle, continues to show increasingly negative readings. This signals that sellers are gradually gaining control as the price declines.
To invalidate the current weakness, Ethena (ENA) would need to recover the value of $0.283. Without this movement, the highs are likely to remain corrective, especially if overall market sentiment remains risk-averse.
The article Why is the cryptocurrency market down today 13/12/2025? was first seen on BeInCrypto Brasil.
