Bitcoin has remained stuck beneath $22,000 for the past 24 hours, but there’s likely to be more volatility during the day as the US is scheduled to announce the CPI numbers for January.
The altcoins have taken a breather, as most are with minor gains. APT and FTM, on the other hand, have skyrocketed by double digits.
The primary cryptocurrency started the month on the right foot, surging past $24,000 for the first time since August last year after the US Fed raised the interest rates by another 25 basis points.
However, the price surge was short-lived as the asset retreated below $24,000 in the following hours. The bears even pushed it back down to $23,000 days later, where it spent the past weekend. The landscape changed for the worse yesterday when the US SEC and then the NYDFS went after Paxos, alleging it sells unregistered securities in the form of BUSD and ordered it to stop issuing the stablecoin.
BTC reacted with another price decline, this time to $21,400, which became its lowest price point in over three weeks. It has recovered some ground since then and sits at $21,700, but its market cap still struggles beneath $420 billion.
Its dominance over the altcoins, though, is up by 0.5% in the past few days and is close to 42%.
Most altcoins dropped on the news from the US regulators yesterday but have charted some minor daily gains now. Ethereum has gone back to $1,500 after a 1% increase. Binance Coin, which dumped by over 6% following the regulatory scrutiny, stands still at 290.
Cardano, Solana, and Tron are the most substantial gainers from the larger-cap alts, all jumping by up to 4%. Even more impressive price increases are evident from Aptos and Fantom.
Both assets have soared by 10% and 12%, respectively, to $14 and $0.47. HBAR, GRT, and LDO have added between 5-7% of value in a day.
The total crypto market cap has tapped $1 trillion once again on CoinMarketCap after falling below that line yesterday.
