BTC Slides Back Down to $45K
Bitcoin had a relatively quiet end to 2023, trading within a tight range between $42,000 and $43,000. However, as the new year began, BTC started to gain momentum. On Tuesday, it reached its highest level in almost two years, coming close to $46,000.
However, the cryptocurrency has since retraced slightly and briefly dropped below the $45,000 level. It currently stands above that level with a market capitalization of $890 billion and a dominance of 51% over altcoins.
ICP Defies the Market
While most altcoins experienced a decline today, Solana and Avalanche were the top gainers yesterday but have now retraced significantly. SOL is down by 6%, slipping below $110, while AVAX is close to breaking beneath $40 with a 5% drop.
Other altcoins such as Polygon, Toncoin, Chainlink, Cardano, Polkadot, Dogecoin, and Ethereum are also in the red but with more modest losses. Binance Coin is an exception, gaining almost 4% and standing around $330. ICP has once again stolen the show with a 14% surge, reclaiming the $15 level.
The total crypto market cap has decreased by approximately $30 billion since yesterday’s peak and now stands at $1.740 trillion.
Hot Take: Cryptocurrency Market Experiences Retracement as Bitcoin Defends Key Level
The cryptocurrency market saw a retracement today as Bitcoin defended the crucial $45,000 level. Bitcoin had a strong start to the new year after reaching its highest price in almost two years at nearly $46,000. However, it experienced a slight decline and briefly dropped below $45,000. Despite this retracement, Bitcoin’s market capitalization remains strong at $890 billion and holds a dominant position with 51% dominance over altcoins.
Most altcoins followed Bitcoin’s upward trend but have now retraced, with Solana and Avalanche experiencing the most significant declines. However, ICP continues to defy the market with a 14% surge, reclaiming the $15 level. The total crypto market cap has decreased by around $30 billion since yesterday’s peak, currently standing at $1.740 trillion.
By
By
By
By