Bitcoin (BTC<\/a>) and the broader cryptocurrency market turned lower later in the day on Dec. 31, erasing intraday gains<\/a> to cap off a highly successful year on a weaker note.\u00a0<\/p>\n BTC price fell below $46,000 on Dec. 31 and was last seen hovering below that level, according to data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>. The flagship cryptocurrency is down over 5% from its intraday peak and 2.9% on the day to trade at $45,933.\u00a0<\/p>\n Altcoins faced a similar downward trajectory as Bitcoin, with the likes of Ether (ETH<\/a>), Binance Coin (BNB<\/a>) and Solana\u2019s\u00a0SOL<\/a>\u00a0each falling more than 2%. Cardano\u2019s ADA<\/a> declined over 4% on the day. <\/p>\n The combined market capitalization of all cryptocurrencies shed over $100 billion from its intraday peak, falling<\/a> from a high of $2.4 trillion to $2.27 trillion, according to CoinGecko.<\/p>\n The sudden reversal followed a modest relief rally for BTC and other cryptocurrencies that took place early on Dec. 31. As Cointelegraph reported, Bitcoin\u2019s price appreciated by more than $1,500<\/a> in less than an hour \u2014 a rally that may have been aided by a December options expiry event worth roughly $6 billion. <\/p>\n Related: <\/em><\/strong>Price analysis 12\/31: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE<\/em><\/strong><\/a><\/p>\n Bitcoin is bracing for a year-to-date return of less than 60%, which is well below what many, if not most, prognosticators were calling for at the start of 2021. Although BTC never came close to achieving lofty six-figure valuations, the leading cryptocurrency continues to attract investors with a low time preference. (Investors with a low time preference place more emphasis on their financial well-being in the far future as opposed to the present.)<\/p>\n BTC\u2019s recent price correction has been largely driven by so-called crypto tourists who entered the market in the summer. As Cointelegraph recently reported, veteran holders are still selling record-low amounts of BTC<\/a> as of late December. Meanwhile, buying activity on Coinbase<\/a> appears to have picked up substantially toward the end of the year.\u00a0<\/p>\n Earlier this week, UTXO Management analyst Dylan LeClair said \u201cThe true OGs are holding tight,\u201d in reference to Bitcoin\u2019s long-term holders having a much lower on-chain cost basis than those who are currently selling. The average on-chain cost basis for long-term BTC holders is $17,825 compared with $33,890 for those currently spending their coins. <\/p>\n #Bitcoin<\/a> long-term holders have an average on-chain cost basis of $17,825, but the ones currently moving spending their coins have a cost basis of $33,890.<\/p>\n The true OGs are holding tight. pic.twitter.com\/VtxuAcZzUw<\/a><\/p>\n \u2014 Dylan LeClair (@DylanLeClair_) December 30, 2021<\/a><\/p><\/blockquote>\nMarket Update<\/h3>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/089d9a62-0566-45c0-a7c6-ec915b103043.png\")
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/052431c1-3121-4123-8845-23029332b5c6.png\")
Crypto OGs keep on accumulating <\/h3>\n
\n