Bitcoin has once again failed to break the $120,000 resistance level, causing its price to plummet in the last 12 hours to around $1,168,000. While this decline has caused concern, alternative cryptocurrencies (altcoins) have seen more significant declines, with several recording double-digit declines, including XRP and DOGE among the large-cap assets.
A few weeks ago, altcoins were in a remarkable surge phase, leading to speculation that the altcoin season (altseason) had finally begun. However, after the huge gains recorded during that period, a sharp correction was predicted and has occurred in the last 12 hours. Ripple’s native token, XRP, plunged more than 11% and is now below $3.10, partly due to factors related to the Upbit exchange.
Other altcoins that also plunged include DOGE, XLM, HBAR and PEPE, while APT plunged by 16% in the past 24 hours. SOL, ADA, SUI, LINK and AVAX also saw deep declines. Ethereum (ETH) remained relatively stable at around $3,600, while BNB fell more than $40 from yesterday’s high of over $800.
The total crypto market cap has shed over $100 billion since yesterday’s high, and is now around $3.9 trillion. While altcoins have taken a big tumble, Bitcoin’s market dominance is starting to recover.
After recently hitting an all-time high (ATH) of over $123,000, Bitcoin’s price has been in a stagnant phase, falling below $120,000 over the past week. Bitcoin’s market dominance, which had previously declined from 63% to 59% in a week, has now jumped over 1% in just one day. This comes as Bitcoin has remained stable, while altcoins have continued to decline.
Bitcoin is currently trading at nearly $119,000 with a market cap of nearly $2.37 trillion, according to data from CoinGecko.
