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Bitcoin (BTC) Price Slips to $42K, ICP Skyrockets 40% Daily (Weekend Watch)

Summary:
Bitcoin’s price has lost some momentum over the past 24 hours and has retraced back down to around ,000. Most altcoins are also in the red, with SOL and ADA dumping by over 5%. ICP, though, has exploded by a massive 40% surge. BTC Down to K It was precisely a week ago when BTC’s late 2023 run culminated in a price surge to ,700. This became the asset’s highest price tag in over a year and a half. However, the landscape started to worsen at that point. Monday was particularly harmful as bitcoin dumped by over three grand in hours and slipped beneath ,000. On Tuesday, the cryptocurrency slumped even further to a weekly low of ,200. The bulls tried to intercept these price drops and pushed BTC north to ,000 amid the US CPI data and the latest FOMC meeting.

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Bitcoin’s price has lost some momentum over the past 24 hours and has retraced back down to around $42,000.

Most altcoins are also in the red, with SOL and ADA dumping by over 5%. ICP, though, has exploded by a massive 40% surge.

BTC Down to $42K

It was precisely a week ago when BTC’s late 2023 run culminated in a price surge to $44,700. This became the asset’s highest price tag in over a year and a half. However, the landscape started to worsen at that point.

Monday was particularly harmful as bitcoin dumped by over three grand in hours and slipped beneath $41,000. On Tuesday, the cryptocurrency slumped even further to a weekly low of $40,200.

The bulls tried to intercept these price drops and pushed BTC north to $43,000 amid the US CPI data and the latest FOMC meeting. The Ledger vulnerabilities delivered more enhanced volatility as BTC dumped and pumped by $1,500 in hours on Thursday.

Since then, though, bitcoin has been struggling to regain its momentum and now sits just inches above $42,000. Its market capitalization has declined to $825 billion, and its dominance over the alts is down to 51.6%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ADA, SOL Dump, ICP Rolls On

Most altcoins have turned red today, with SOL dumping the most from the larger caps. Solana, which has been on a roll lately, perhaps fueled by the BONK movement, is down by 6.5% now. Nevertheless, SOL still trades above $70.

Cardano has declined by a similar percentage but has remained north of $0.6. Dogecoin (-3%), Chainlink (-4%), Ripple (-2%), Ethereum (-1.5%), and Binance Coin (-1.2%) are also in the red.

ICP stands out as the top performer. The asset has soared by nearly 40% and now sits close to $9. WOO Network, Osmosis, and Filecoin follow suit with gains of around 10-16%.

The total crypto market cap has declined by around $30 billion in a day and is close to breaking below $1.6 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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