Bitcoin tapped a new multi-month high yesterday but was stopped shortly after and dropped below $21,000.
Nevertheless, its market dominance continues to increase as most altcoins have retraced even harder.
BTC Sees New Peak But Drops
The primary cryptocurrency has seen a strong start to the year, which was recognized by Bloomberg’s senior analyst. More precisely, the asset jumped from $16,500 to more than $21,500 in the span of a few weeks.
The latest price increase and local peak came yesterday at over $21,600. The last time BTC was this high was in September last year. However, the bears intercepted the move at this point and pushed it south.
As a result of the enhanced volatility, bitcoin slipped by more than $1,000 in hours and fell to a daily low of $20,400, even as the reserves on exchanges keep declining.
Nevertheless, BTC reacted somewhat positively to this drop and recovered a few hundred dollars. As such, it currently trades close to $21,000 once again, and its market capitalization has maintained above $400 billion.
Its dominance over the altcoins has taken another hike, though, and is up to 41.4%, which is a multi-month high.
BTCUSD. Source: TradingView
APT Defies Market Sentiment
Most altcoins mimicked BTC’s performance for the past few weeks but have retraced hard since yesterday.
Ethereum went close to $1,600 following a few consecutive days of gains. However, a 3% retraced daily has pushed it back down to just over $1,500.
Binance Coin has dropped by a similar percentage and is down to $290. Even more daily losses are evident from Cardano, Dogecoin, Polygon, Solana, OKB, and yesterday’s top performer – Shiba Inu.
With the rest of the larger-cap alts in red, Aptos is among the few that has actually charted daily increases. APT is up by 7% and has neared $8.
Overall, though, the cumulative market cap of all crypto assets has seen roughly $30 billion gone in a day and is down to $960 billion.
Cryptocurrency Market Overview. Source: Quantify Crypto
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.