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Crypto Markets Shed $30B as SOL, ADA, ETH, DOGE Retrace by 6%: Market Watch



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%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView


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.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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