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Bitcoin Struggles After Failing to Sustain $44K, Altcoins in Red

23/12/2023 14:59

BTC

2.41%

According to CryptoPotato, Bitcoin spiked above $44,000 on Friday but quickly lost momentum and has since struggled to come close to that level. Most altcoins are in the red today, with AVAX and DOT dropping the most from the larger-cap alts. In contrast, OP has gone on a tear once again. BTC started the business week with a rocky start, slipping to $40,500 on Monday. However, the bulls quickly intervened, propelling a price surge that drove the asset to over $43,000 the next day. Another retracement followed, which was followed by one more leg up that pushed BTC to over $44,000 on Wednesday. It couldn't sustain its run but went on the offensive once again on Friday, charting its highest price tag since December 9 at $44,400. This turned out to be a false breakout, and Bitcoin has returned to $43,500, where it stands now. Its market capitalization remains at just over $850 billion, and its dominance over the alts has regained some traction, currently standing at 51.5%. The Optimism network's native token, OP, is up by an impressive 25% and trades close to $3.3 now. Other notable gainers from the top 100 include PEPE (15%), ELF (12%), ARB (12%), APT (9%), and GRT (10%). In contrast, most larger-cap alts trade in the red now, including AVAX (-5%) and Polkadot (-4%), which have dropped the most. BNB, XRP, ADA, LINK, and TON are also struggling today. The total crypto market cap has declined slightly over the past day, and it is still above $1.650 trillion on CMC.

Bullish

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