Bitcoin Recovers from Dip
Bitcoin experienced a dip to nearly $43,000 in the past 24 hours but has managed to recover most of its losses and is currently hovering around $44,000.
On the other hand, most alternative coins continue to decline, with ADA, MATIC, UNIS, and SHIB losing over 5% daily.
BTC Stabilizes at $44K
The leading cryptocurrency faced increased volatility at the beginning of the year. After reaching almost $46,000 on Tuesday, it suffered a sharp rejection that pushed it down by nearly $5,000.
This volatility coincided with speculation about the approval of a Bitcoin ETF by the US Securities and Exchange Commission. As experts dismissed rumors of application rejections, BTC started to recover and surpassed $44,000 by Thursday.
Although it experienced a few more dips throughout the week, BTC has since stabilized between $43,250 and $44,500 over the weekend.
Currently, Bitcoin is trading close to $44,000 with a market capitalization of around $860 billion and a dominance over altcoins at 52.7% on CMC.
Altcoins Decline; STX Bucks Trend
Most alternative coins are experiencing losses today. Cardano, Avalanche, Polygon, Uniswap, and Shiba Inu are leading the downward trend, with MATIC seeing a 7% decline. Solana has dropped to $90, XRP is down to $0.55, and BNB slipped below $300.
ETH, TRX, LINK, and BCH are also in the red but to a lesser extent. The only top 36 altcoin showing significant price growth is Stacks (STX), which has surged by 13% to reach $1.75.
The total crypto market cap has decreased by about $20 billion, currently standing at $1.630 trillion on CMC, down from over $1.760 trillion last Tuesday.
Hot Take: Bitcoin Recovers While Altcoins Struggle
Bitcoin has managed to recover from its recent dip and stabilize around $44,000. However, most alternative coins continue to face losses, with several major cryptocurrencies declining in value.
It remains to be seen how the market will evolve in the coming days and whether Bitcoin’s recovery will have a positive impact on altcoins or if they will continue to struggle.
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