These Altcoins Extend Steep Corrections as Bitcoin Slips Toward $95K (Market Watch)

Bitcoin’s underwhelming price performance continues as the asset dropped to a 6-day low of just over $95,000 earlier today.

At the same time, many altcoins have continued to chart substantial losses, led by Solana, Chainlink, Avalanche, HBAR, and SUI.

BTC’s Losses

The primary cryptocurrency slumped hard last Wednesday after the release of the US CPI numbers for January and dumped toward $94,000. However, it bounced off almost immediately and jumped past $98,000. After another retracement, BTC skyrocketed on Friday and tapped $99,000 for the first time in just under a week.

Nevertheless, the asset couldn’t sustain its momentum and started to lose value gradually in the following days. The weekend was somewhat sluggish, with BTC trading mostly around $97,500. The losses extended on Monday and Tuesday morning, as the cryptocurrency slipped to just over $95,000 earlier today. This became its lowest price tag in six days.

As of now, it stands at around $95,600, but it’s still around 0.5%-1% down on the day. Its market capitalization has plunged below $1.9 trillion, while its dominance over the alts stands close to 58%.

Altcoins Keep Bleeding

Many alternative coins have charted notable price losses over the past few days, and the landscape has only worsened since yesterday. Solana is at the forefront of this adverse trend. SOL has plummeted below $170 – a multi-month low – as the meme coin frenzy has faded. The asset has lost 9% on a daily scale and more than 18% since this time last week.

Painful declines are also evident from the likes of SUI, AVAX, LINK, and HBAR, with price drops of up to 7%. The situation with the mid-cap alts is no different, as TRUMP, APT, and AAVE have charted similar declines.

The total crypto market cap has shed over $50 billion since yesterday and has dumped to $3.270 trillion on CG.