Most altcoins have pulled back sharply over the past 24 hours, including recent outperformers Cardano, Solana, Polygon, and others.
Bitcoin broke the $17,000 nemesis at the start of the second week of the new year and hasn't looked back. The breakout led to more bullish sentiment, with the asset surging above $20,000 by the end of the same week.
The next one was also very positive, with BTC surging to $23,000 by the end. That led to a multi-month high of over $23,300 over the weekend. More precisely, this is the highest price BTC has seen since mid-September. The cryptocurrency has been stuck around this level for the next few days. Still, the bulls have been feeling some pain as BTC dropped to $22,400 over the past 24 hours. As of now, it has regained some lost ground, but remains below $23,000. The drop came amid reports that short-term investors had taken profits.
Its market cap remains below $440 billion, while its dominance over the competition has risen to 42.6%. Altcoins have also been in the green for the past few weeks, erasing losses following the FTX crash. Ethereum, for example, surged from less than $1,200 to over $1,650 during this time. Now, though, ETH is trading below $1,600 after a 5.5% daily drop.
Binance Coin is down 4.3%, struggling to stay above $300. Ripple, OKB, Litecoin, and Tron saw similar percentage drops. However, more daily losses are evident from Cardano, Dogecoin, Polygon, Solana, Polkadot, and Shiba Inu. All of that was down 7% in one day.
Most small and mid-cap stocks are in a similar state. Aptos was a few exceptions, growing 4% a day.
