Despite the daily price drops, the total crypto market cap is still well beyond $1 trillion.
Bitcoin failed at over $23,000 and dipped by several hundred dollars, currently trading below that level.
Most altcoins have retraced hard in the past 24 hours, including the recent high-flyers – Cardano, Solana, Polygon, and others.
Bitcoin Dips Below $23K
Bitcoin broke above its $17,000 nemesis at the start of the second week of the new year and hasn’t looked back. The breakout led to more bullish sentiment, and the asset skyrocketed to over $20,000 by the end of that same week.
The following one was quite positive as well, with BTC surging to $23,000 by the end of it. This resulted in charting a multi-month high during the weekend at over $23,300. More precisely, this was BTC’s highest price tag since mid-September.
The cryptocurrency spent the next few days sitting around that level. The past 24 hours, though, have brought some pain for the bulls as BTC slipped to $22,400. It has recovered some ground as of now, but it’s still below $23,000. This decline comes amid reports that short-term investors have taken some profits.
Its market cap is still below $440 billion, while its dominance over the alts has gone up to 42.6%.
SOL, ADA, MATIC Drop Hard
The altcoins are well in the green in the past few weeks as well, erasing the losses posted after the FTX debacle. Ethereum, for one, pumped from under $1,200 to over $1,650 within this timeframe. Now, though, ETH is below $1,600 after a 5.5% daily decline.
Binance Coin fights to remain above $300 as it has slipped by 4.3%. Ripple, OKB, Litecoin, and Tron have shed similar percentages.
More daily losses, though, are evident from Cardano, Dogecoin, Polygon, Solana, Polkadot, and Shiba Inu. All of these have declined by up to 7% in a day.
Most lower- and mid-cap alts are in a similar state. Aptos is among the few exceptions, with a 4% daily increase.
Nevertheless, the cumulative market cap of all crypto assets has seen $30 billion gone in a day, but it’s still above $1 trillion on CMC and CoinGecko.