The cryptocurrency market has taken a step back from its recent pinnacle, with Bitcoin (BTC) retreating below $124,000.

However, several significant altcoins are continuing to gain traction. For example, Binance Coin (BNB) has reached a new all-time high, surpassing $1,200.

Bitcoin’s Current Position

Bitcoin made waves recently after its price hit a historic peak near $125,500 on October 5. Unfortunately, this level proved unsustainable, and the price fell to around $122,500 shortly thereafter. In the hours that followed, a brief recovery brought Bitcoin back over the $124,000 mark, with current trading around $123,700, marking a daily decline of 0.8%.

BTC Price BTC Price, Source: CoinGecko

Additionally, the ongoing interest in BTC spot ETFs and a decrease in the number of coins held on exchanges suggests that this dip may be fleeting, possibly giving way to another upward trend in October.

Bitcoin’s market capitalization peaked at $2.5 trillion on October 5 but has since adjusted to approximately $2.46 trillion, maintaining a dominance of about 55.3% over other altcoins.

Binance Coin’s Breakthrough

While Bitcoin struggles, Binance Coin has dramatically risen, reaching an all-time high of $1,220, showcasing a 20% increase over the past week. Many analysts predict further growth in BNB during the ongoing cycle.

Several other notable cryptocurrencies, including Ethereum (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA), have experienced minor dips as well.

Additional Insights:

• Other cryptocurrencies recording gains this day include Mantle (MNT), ZCash (ZEC), and OKB (OKB).
• Market capitalization across the cryptocurrency sector has dipped by 0.5% over the last 24 hours, settling around $4.33 trillion.

Cryptocurrency Market Overview Cryptocurrency Market Overview, Source: QuantifyCrypto