Bitcoin’s recovery from Tuesday’s correction stalled at $120,000 as bearish selling pressure pushed the price down to around $2,000.
On the other hand, several altcoins have seen significant gains in the past 24 hours, including Ethereum (ETH) which surged to nearly $3,500.
Bitcoin has had a historic week since Wednesday, after breaking through the $110,000 resistance. BTC surged to an all-time high of $112,000 on the same day. The momentum continued for the next 48 hours, with BTC reaching nearly $119,000 on Friday.
The weekend was relatively quiet until Sunday, when BTC began to regain momentum. The peak came on Monday when investors bought into the market, launching another round of gains, taking BTC above $123,000, a new record high.
However, after a surge of over $15,000 in just a few days, a correction began to take place as big investors took profits. As a result, BTC price fell below $116,000 on Tuesday.
Buyers tried to defend the level and brought BTC back up to near $120,000 yesterday, but failed. Currently, BTC is around $118,000, with a market cap of $2.35 trillion. However, BTC’s dominance over altcoins is decreasing, currently at 60.6% compared to over 63% last week.
Despite Bitcoin’s sluggish price performance, several altcoins have performed well. Ethereum (ETH) continues to show strength, rising 9% in a day, currently trading at nearly $3,450, a five-month high.
XRP, meanwhile, has seen a surge in the form of massive whale buying, surging above $3.15, just around 7% below its record high of $3.40 set in 2018.
Dogecoin, Solana, Shiba Inu and PEPE also posted significant gains, while BONK stole the show from other large-cap altcoins. FLOKI emerged as the most profitable altcoin among the top 100 tokens.
The total crypto market cap is now close to $3.9 trillion again after jumping over $70 billion since yesterday.
