While bitcoin has remained relatively sluggish on a daily scale in terms of price performance, the altcoins have taken advantage and posted massive overnight gains.
Ethereum has soared to its highest price tag in over a year and a half, while SOL and ADA have skyrocketed by double digits.
Alts Catch Up
Bitcoin was driving the most recent rally up and thus outperformed the alternative coins. This resulted in its market dominance growing by over 2% in days.
Now, though, the alts have fought back with notable gains. The largest one leads the battle with a 5% surge that has pushed it to over $2,350. The last time ETH traded above that level was in early May 2022.
Despite its quite impressive surge, Ethereum has been outpaced by Solana and Cardano. SOL has soared by 13% and sits above $70, while ADA has neared $0.5 after a 12% surge.
Chainlink, Polkadot, Polygon, Shiba Inu, Uniswap, and LDO are also in the green, albeit in a slightly more modest fashion.
The total crypto market cap has increased by over $10 billion overnight and is north of $1.610 trillion on CMC.
BTC Sluggish at $43K
Bitcoin experienced a massive leg up since the start of December but has stalled in the past two days. It entered the last month of 2023 at under $38,000, and it took BTC three days to soar by more than two grand and reclaim the $40,000 mark on Monday.
The asset has not looked back since and even kept climbing the price ladder to a 19-month peak of its own by Wednesday at $44,500.
However, it failed to continue upward and reversed its trajectory in the following few days. This resulted in a price slip to $43,000 yesterday. As of now, the cryptocurrency remains inches above that level, with its market cap stuck below $850 billion.
BTC’s dominance over the alts has retraced by more than 0.5% overnight to 52.6% on CMC.
Cryptocurrency charts by TradingView.