Bitcoin Retraces to $45K as Altcoins Slip: Market Update and Analysis

Bitcoin, the primary cryptocurrency, has shown resilience by defending the $45,000 level after experiencing a slight dip from its peak of almost $46,000 yesterday. However, the majority of alternative cryptocurrencies or altcoins, including yesterday’s top gainers such as Solana, Avalanche, and MATIC, have experienced significant drops in value today.

BTC Slides Back Down to $45K

Bitcoin, the most famous cryptocurrency, had a relatively quiet end to the year 2023, staying within a narrow price range of $42,000 to $43,000. But with a positive outlook for the year 2024 and the start of the new year, Bitcoin started to take off.

On the first day of 2024, Bitcoin’s price rose significantly, reaching almost $46,000, the highest it had been in two years. However, it dropped slightly and briefly fell below $45,000. Right now, it has risen above that level, with a total value of $890 billion.

Bitcoin’s increase in value also means that it has a bigger share of the market, with 51% dominance over other cryptocurrencies. This is an improvement from last week when it was at 49.5%.

ICP Defies the Market

On the prior day, the majority of alternative cryptocurrencies (altcoins) followed Bitcoin’s positive trend, with Solana and Avalanche emerging as the top performers. However, both of these assets have experienced the most significant retracement among the larger-cap coins. Specifically, Solana has lost 6% of its value and has declined below $110, while Avalanche has decreased by 5% and is hovering near $40.

Other cryptocurrencies, such as Polygon, Toncoin, Chainlink, Cardano, Polkadot, Dogecoin, and Ethereum, have also experienced negative price movements, albeit less pronounced than Solana and Avalanche.

In contrast, Binance Coin has experienced a price increase of nearly 4%, reaching approximately $330. Meanwhile, the Internet Computer Protocol (ICP) has seen a notable surge in its value, with a 14% increase, reclaiming the $15 level.

Overall, the total market capitalization of all cryptocurrencies has decreased by approximately $30 billion since the previous day’s peak and currently stands at $1.740 trillion.

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