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On Tuesday, bitcoin remained below $100,000, leading analysts to believe that the world’s largest cryptocurrency by market cap would not reach its earlier price target of $108,000, which it had surpassed earlier this month.

Bitcoin is currently trading below $94,000 as it heads into the New Year. The global crypto market cap stands at $3.3 trillion on the final day of 2024.

“The market ends December down, with only three of the top 10 coins showing growth: BNB, XRP and TRON,” Alex Kuptsikevich, FxPro chief market analyst, tells TheStreet Crypto.

XRP was one of the breakout coins of 2024; its price increased by over 300% in December, overtaking other coins to become the world’s fourth-largest cryptocurrency by market capitalization, according to CoinMarketCap.

Kuptsikevich detailed XRP’s price trajectory over the past month: “XRP has gained 6.8% in the last 30 days after losing over 20% in the last 27 days,” Kuptsikevich explained. “This is the remnant of November's strong momentum. Like bitcoin before it, XRP has now pulled back to the 61.8% level of the initial rally. The chances of buyers returning or accelerating the decline are roughly equal.”

Kuptsikevich also weighed in on the broader crypto market dynamics, noting the performance of other major cryptocurrencies. “TRON is up 23.6%, the remnants of the 2-4 December rally," Kuptsikevich said. "While both [XRP and TRON] coins looked overbought and in need of a cooling-off period in early December, that period has clearly dragged on, and the decline looks too deep to ignore,” Kuptsikevich explained. “Technically, XRP and TRON are trading above their 50-day moving averages. But it is important to note that bitcoin, the market's flagship, has already broken below its respective line, a strong signal of a broken uptrend.”

Lastly, Binance Coin (BNB) has shown notable resilience, currently trading around $704 per token. “BNB is an important exception,” Kuptsikevich said. “Although it has retreated from its early December highs, it is trading solidly in the middle of the bullish corridor formed in September. It found support on a dip below its 50-day moving average before Christmas.”