January 28, 2023

After flirting with and above the USD 17,000 level for a few days, Bitcoin price has failed to chart any significant gains above it. Finally, the bears seem to have taken over and pushed the cryptocurrency under.

This is happening because the entire market cap lost about $20 billion in the past 24 hours and altcoins are predominantly trading in the red.

Bitcoin price loses $17K

The past 24 hours have not been particularly favorable across the cryptocurrency market. The price of BTC seems to have lost the $17,000 mark and is currently trading slightly below that – around $16,800 (on Binance).

Source: Binance via TradingView

Bitcoin is currently down about 1.3% on the day, but continues to gain 2.2% on a weekly basis. In recent days, BTC’s dominance – the measure that tracks its share relative to that of the entire market – is also trending upwards. This shows that BTC is slightly more dominant compared to altcoins during this period.

Altcoins are swimming in the red

The altcoin market has also been covered in red for the past 24 hours, with no exceptions from the top cryptocurrencies – as can be seen in the heatmap below.

Source: Quantify Crypto

However, despite the current recession, there are some altcoins that are doing extremely well. For example, Radix (XRD) is up as much as 25% in the past day, making it the best performing of the top 100 altcoins in the past 24 hours. XRD is followed by Frax Shares (FXS), up 7.5%.

On the other hand, the coin that powers the Aptos ecosystem – APT – is down 8.9%, and it is the worst performer on that list, followed by Tokeniz Xchange’s TKX (-8.2%).

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Cryptocurrency Charts by TradingView.

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