The last 24 hours have been turbulent for the cryptocurrency landscape, with Bitcoin (BTC) soaring to an unprecedented price. However, it faced a regression, trading below $124,000 at present.

Numerous prominent altcoins like Hyperliqduid (HYPE), Solana (SOL), and Litecoin (LTC) also experienced declines.

BTC Volatility

On October 6, Bitcoin performed admirably, reaching a new all-time high of over $126,000. Since then, it has dropped slightly, trading at approximately $123,700.

BTC Price BTC Price, Source: CoinGecko

One significant factor driving BTC’s recent increase is the growing interest in spot Bitcoin ETFs, which have shown consistent inflows indicating a robust investor interest in the cryptocurrency, potentially fueling further upward momentum.

Additionally, large investors, commonly referred to as whales, have acquired 60,000 bitcoins in just the past week, a move that could entice smaller investors and strategically decreases the cryptocurrency’s circulating supply, setting the stage for potential gains.

Bitcoin’s market capitalization peaked at $2.51 trillion following its new ATH, though it has since adjusted to around $2.46 trillion, with its dominance over altcoins reaching 57%.

Altcoin Market Decline

Many leading altcoins mirrored BTC’s downturn, with ZCash (ZEC) plummeting by 10% daily, while Hyperliqduid (HYPE) saw a 6% decrease. Other coins like Cronos (CRO), Litecoin (LTC), and Solana (SOL) also reported more modest declines.

Conversely, Plasma (XPL), Mantle (MNT), Bittensor (TAO), Binance Coin (BNB), and Ethereum (ETH) maintained positive performance, with Binance Coin achieving a new high close to $1,300 before slightly retracing to around $1,250.

The overall market cap for the sector saw a minor rise of 0.2% in the last 24 hours, now totaling about $4.34 trillion.

Cryptocurrency Market Overview Cryptocurrency Market Overview, Source: QuantifyCrypto