Bitcoin (BTC) Slips Below $124K, Binance Coin (BNB) Jumps to a New ATH: Market Watch

The cryptocurrency market lost some steam after reaching its peak level towards the end of last week, with Bitcoin (BTC) retracing under $124,000.

Some of the leading altcoins, however, continue to march forward. Binance Coin (BNB), for instance, tapped a new all-time high price above $1,200.

BTC Takes a Step Back

The primary cryptocurrency made the headlines yesterday (October 5) when its price hit a new historic peak at approximately $125,500. However, the bulls could not hold that level for long, and the valuation retraced to as low as $122,500 shortly after.

In the following hours, there was another resurgence, which pushed BTC above $124,000. As of this writing, the asset trades at around $123,700, representing a 0.8% decline on a daily scale.

Meanwhile, the solid interest in spot BTC ETFs and the declining amount of coins held on crypto exchanges suggest this could be a temporary pullback that may be followed by another rally during “Uptober.”

Bitcoin’s market capitalization, which soared to a new peak of $2.5 trillion on October 5, is currently standing at roughly $2.46 trillion. Its dominance over the altcoins remains relatively unchanged at around 55.3%.

BNB Sets a New Record

Some well-known altcoins, such as Ethereum (ETH), Ripple (XRP), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA), have followed BTC’s footsteps, registering slight decreases.

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On the other hand, Binance Coin (BNB) defied the pullback and soared to a fresh all-time high of $1,220. The asset is up 20% on a weekly scale, while numerous analysts believe there is much more room for growth during this cycle.

Other popular cryptocurrencies posting some gains today include Mantle (MNT), ZCash (ZEC), and OKB (OKB).  The total market capitalization of the sector has slipped by o.5% over the last 24 hours and stands at around $4.33 trillion.