Bitcoin’s price has lost some momentum over the past 24 hours and has retraced back down to around $42,000.
Most altcoins are also in the red, with SOL and ADA dumping by over 5%. ICP, though, has exploded by a massive 40% surge.
It was precisely a week ago when BTC’s late 2023 run culminated in a price surge to $44,700. This became the asset’s highest price tag in over a year and a half. However, the landscape started to worsen at that point.
Monday was particularly harmful as bitcoin dumped by over three grand in hours and slipped beneath $41,000. On Tuesday, the cryptocurrency slumped even further to a weekly low of $40,200.
The bulls tried to intercept these price drops and pushed BTC north to $43,000 amid the US CPI data and the latest FOMC meeting. The Ledger vulnerabilities delivered more enhanced volatility as BTC dumped and pumped by $1,500 in hours on Thursday.
Since then, though, bitcoin has been struggling to regain its momentum and now sits just inches above $42,000. Its market capitalization has declined to $825 billion, and its dominance over the alts is down to 51.6%.
Most altcoins have turned red today, with SOL dumping the most from the larger caps. Solana, which has been on a roll lately, perhaps fueled by the BONK movement, is down by 6.5% now. Nevertheless, SOL still trades above $70.
Cardano has declined by a similar percentage but has remained north of $0.6. Dogecoin (-3%), Chainlink (-4%), Ripple (-2%), Ethereum (-1.5%), and Binance Coin (-1.2%) are also in the red.
ICP stands out as the top performer. The asset has soared by nearly 40% and now sits close to $9. WOO Network, Osmosis, and Filecoin follow suit with gains of around 10-16%.
The total crypto market cap has declined by around $30 billion in a day and is close to breaking below $1.6 trillion.
