Crypto Rollercoaster: BTC Dips, ICP Surges

Bitcoin's value experienced a decline in momentum within the last 24 hours, retracing to approximately $42,000. Simultaneously, various alternative cryptocurrencies have witnessed losses, exemplified by SOL and ADA dropping by more than 5%. In contrast, ICP has surged dramatically, boasting a remarkable 40% increase.

BTC's Retreat to $42K

Exactly one week ago, BTC's late 2023 rally reached its pinnacle with a surge to $44,700, marking the asset's highest value in over eighteen months. Unfortunately, the scenario took a downturn from that point onward.

Monday proved particularly detrimental as Bitcoin suffered a sudden drop of over three thousand dollars within hours, slipping below the $41,000 threshold. Subsequently, on Tuesday, the cryptocurrency plummeted even further, reaching a weekly low of $40,200.

Despite attempts by bulls to intervene and drive BTC back up to $43,000 during the release of US CPI data and the latest FOMC meeting, heightened volatility due to Ledger vulnerabilities led to a $1,500 fluctuation within hours on Thursday.

However, since then, Bitcoin has encountered challenges in regaining its momentum and currently hovers just slightly above $42,000. Its market capitalization has dwindled to $825 billion, with its dominance over alternative cryptocurrencies decreasing to 51.6%.

BTCUSD. Source: TradingView

ADA, SOL Experience Declines, ICP Sustains Momentum

Today, a majority of altcoins are in the negative territory, with SOL experiencing the most significant downturn among larger caps. Despite a 6.5% decline, Solana, which has recently gained momentum, possibly fueled by the BONK movement, still maintains a value above $70.

Cardano has witnessed a comparable percentage decrease but remains above $0.6. Other notable cryptocurrencies such as Dogecoin (-3%), Chainlink (-4%), Ripple (-2%), Ethereum (-1.5%), and Binance Coin (-1.2%) are also in the red.

Meanwhile, ICP stands out as the standout performer, surging by almost 40% and currently approaching the $9 mark. Following suit, WOO Network, Osmosis, and Filecoin have registered gains ranging from 10-16%.

The overall cryptocurrency market cap has experienced a decline of approximately $30 billion in a single day, nearing the threshold of falling below $1.6 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

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