BTC lost some steam after reaching another record level.
The past 24 hours have been quite turbulent for the cryptocurrency market, with Bitcoin (BTC) reaching a new record price. Nonetheless, the asset experienced a correction after that and currently trades below $124,000.
Multiple well-known altcoins, including Hyperliqduid (HYPE), Solana (SOL), and Litecoin (LTC), have also registered some declines.
Huge Volatility for BTC
The biggest cryptocurrency performed quite well on October 6, and at one point, it hit a fresh all-time high price of over $126,000. Since then, however, it has headed south, and as of this writing, it trades at around $123,700.
BTC Price, Source: CoinGecko
One of the main drivers behind BTC’s latest rally is the rising demand for spot Bitcoin ETFs. These products continue to see steady and significant inflows, showing that investor appetite for exposure to the cryptocurrency remains strong and that the bullish momentum could extend further.
Moreover, large investors (known as whales) have purchased 60,000 coins in the past week alone: a factor that may encourage smaller players to hop on the bandwagon and one that reduces the asset’s circulating supply (thus setting the stage for additional gains).
Upon tapping its new ATH, Bitcoin’s market capitalization pumped to $2.51 trillion. Currently, the figure stands at approximately $2.46 trillion, with its dominance over the altcoins reaching 57%.
These Alts Bleed Out
Many of the popular altcoins have mimicked BTC’s latest trajectory and retraced in the past hours. ZCash (ZEC) has slipped by 10% on a daily scale, Hyperliquid (HYPE) dropped by 6%, while Cronos (CRO), Litecoin (LTC), and Solana (SOL) posted less substantial declines.
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On the other hand, Plasma (XPL), Mantle (MNT), Bittensor (TAO), Binance Coin (BNB), and Ethereum (ETH) remain in green territory. The native cryptocurrency of Binance even spiked to a new all-time high of just under $1,300 before slightly retracing to its current price of $1,250.
The total market capitalization of the sector has increased by 0.2% over the last 24 hours and stands at around $4.34 trillion.
Cryptocurrency Market Overview, Source: QuantifyCrypto
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