Crypto prices today (Dec. 8): BTC, SUI, TAO, ENA recover after brief weekend crash

Crypto prices today show a steady rebound after a sharp weekend drop, with the total market up 1.7% in the past 24 hours to $3.2 trillion. 

As of press time, Bitcoin was trading at $91,091, up 1.6%, while Ethereum gained 2.3% to reach $3,124. XRP also edged higher, rising 1.1% to $2.07. Mid-cap tokens saw even stronger momentum. Sui was up 3%, Bittensor climbed 3.7%, and Ethena posted a solid 5.1% increase.

CoinGlass data shows 24-hour liquidations at $444 million, rising 284%. Across derivatives, open interest has reached $30 billion, up 2.6% from yesterday, while average market relative strength index sits at a neutral 48. Sentiment is cautious, with the Fear & Greed Index holding at 20, still in “Extreme Fear.”

The rebound comes after Bitcoin briefly slipped below $90,000 over the weekend, touching levels just under $88,000 as the market absorbed a sudden wave of forced selling. About $60 billion in value was wiped out at the lows, with altcoins being hit the hardest. Ethereum and Solana slid between 5% and 10% during the drop.

Why the drop accelerated so quickly

Lower weekend liquidity keeps magnifying sudden moves, and even modest selling can trigger liquidations when futures positioning is stretched. Several desks noted traders running extreme leverage, up to 200x on some venues, before the cascade.

Analysts estimate that total forced liquidations across the full weekend drop ranged from $700 million to $1 billion. One of the largest single liquidations occurred on Hyperliquid’s ETH-USD pair at $17.81 million.

Macro factors added tension. Traders trimmed exposure ahead of the U.S. Federal Reserve’s Dec. 11 decision as expectations for a December rate cut pulled back slightly. Market makers, however, characterized the reaction as measured de-risking rather than true capitulation, with major holders trimming exposure but maintaining their long-term positions.

Crypto market outlook for December

Many analysts are still split, but the general tilt is cautiously optimistic heading into the rest of the month. Most see the recent dip as a routine breather in an otherwise upward trend, especially now that excess leverage has been cleared out and positioning looks healthier.

According to CryptoQuant analysts, futures markets look healthier now. Open interest has fallen to its lowest point this year, a sign of market apathy that they say often comes right before stronger rebound phases. With the excess leverage cleared out, they believe the market is primed to react more sharply to any real catalyst.

Similar predictions are expressed by K33 Research, which believes that the correction is getting close to a possible bottom. The group notes that exchange-traded fund selling has eased, CME futures activity has decreased, and there is strong support in the $70,000–$80,000 range. They expect December to be a pivotal month due to institutional interest and favorable policy changes.