Bitcoin attempted to break the $25,000 barrier three times in the past few weeks but was unsuccessful. On Friday, the US released the January PCE numbers, causing Bitcoin to slip to a multi-week low of under $22,800. The bulls then attempted to push it up to $24,000, but the asset failed to reach that level and was driven back down to $23,300. As a result, Bitcoin‘s market capitalization has declined to $450 billion and its dominance over the altcoins stands at 42.3%.
The altcoins have also been affected by the market downturn, with Solana experiencing network issues during the weekend. The native cryptocurrency SOL is down by 2% in the past 24 hours and 15% in the past week. Other larger-cap altcoins are also in the red, with Ethereum, Binance Coin, OKB, Polygon, Polkadot, Shiba Inu, Litecoin, and Avalanche all down by up to 3%. TONCOIN and EOS are the exceptions, posting minor gains.