Bitcoin prices surged to $98,000 yesterday but failed to hold as the asset faced strong rejection, causing it to fall around $3,000 in the following hours.
Meanwhile, altcoins suffered even greater losses, with some tokens like SUI dropping as much as 8% in the past 24 hours.
Last week, Bitcoin started trading with high volatility, recording a sharp move to $10,000 following Donald Trump’s announcement of tariffs on China, Mexico, and Canada.
After a few more stable days, BTC attempted to break through the psychological $100,000 level on Friday but failed to break through. The rejection sent the price down to $96,000, where it held throughout the weekend.
However, on Monday and Tuesday, bulls tried to regain control of the market and pushed the price to a multi-day high around $98,000.
However, bearish market sentiment still prevailed, causing BTC to once again come under selling pressure and fall to $95,000 before rising slightly to $96,000 at the moment. More volatility is expected when the US CPI data for January is released.
Bitcoin’s market cap is now down to $1.910 trillion, while BTC’s dominance in the crypto market has returned to 58.5%.
As is typical in market downturns, altcoins have suffered the biggest losses. Some of the largest market cap tokens that have been hit the hardest include:
SUI (-8%)
HBAR (-8%)
AVAX (-7%)
XLM (-6%)
LINK (-5.5%)
DOGE (-5%)
Ethereum, Ripple, Cardano, and Solana also saw declines but at a more moderate pace.
On the other hand, ENA, TIA, and KAS recorded double-digit declines, indicating significant weakness among mid-cap altcoins.
The total crypto market capitalization has shrunk by over $80 billion in a day and is now below $3.3 trillion.
