Bitcoin crashed above $23,000 and fell several hundred dollars, currently trading below that level.
Most altcoins have retraced a lot in the last 24 hours, including recent high-flyers: Cardano, Solana, Polygon, and others.
Bitcoin falls below $23K
Bitcoin surpassed its nemesis of $17,000 at the beginning of the second week of the new year and has not looked back. The breakout led to more bullish sentiment and the asset soared to over $20,000 by the end of that same week.
The next one was pretty positive as well, with BTC rising to $23,000 by the end. This resulted in recording a multi-month high over the weekend at over $23,300. More precisely, this was the highest BTC price since mid-September.
The cryptocurrency spent the next few days sitting around that level. However, the last 24 hours have brought some pain to the bulls, as BTC fell to $22,400. It has made up some ground as of now, but is still under $23,000. This drop occurs in the middle reports that short-term investors have made some profits.
Its market capitalization is still below $440 billion, while its dominance over alternatives has risen to 42.6%.
SOL, ADA, MATIC Strong drop
Altcoins have also been in the green in recent weeks, erasing losses posted after the FTX debacle. Ethereal, for example, pumped from less than $1,200 to more than $1,650 within this time frame. Now, however, ETH is below $1,600 after a 5.5% daily drop.
Binance Coin struggles to stay above $300 as it is down 4.3%. Ripple, OKB, Litecoin and Tron have returned similar percentages.
However, more daily losses from Cardano, Dogecoin, Polygon, Solana, Polkadot and Shiba Inu are evident. All of these have decreased by as much as 7% in one day.
Most small- and mid-cap alternatives are in a similar state. Aptos is among the few exceptions, with a daily increase of 4%.
However, the cumulative market capitalization of all crypto assets has seen $30 billion disappear in one day, but it is still above $1 trillion on CMC and CoinGecko.
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