Market Watch: AXS Soars 40% Overnight, Bitcoin Sits Close to $23K

After tapping a few consecutive multi-month highs above $23,000, bitcoin has retraced slightly and has slipped below that line.

Dogecoin and Ripple are the best performers from the top 10 altcoins, while Axie Infinity has stolen the show from the mid-caps.

BTC Sits Beneath $23K

It was on January 9 when the primary cryptocurrency finally managed to decisively overcome $17,000 after weeks of unsuccessful attempts. Since then, the asset has never looked back and has added thousands of dollars.

The first week after that breakout saw the most substantial price increase in a while, as BTC skyrocketed to over $21,000 by the end of it. The beginning of the next one was rather calm, and it wasn’t until last Friday that the cryptocurrency initiated another leg up that resulted in breaking above $22,000 and even $23,000.

As such, bitcoin managed to chart its highest price tag since early September during the weekend at over $23,200. It has retraced by a few hundred dollars since then and trades just under $23,000 as of now, though.

Its market capitalization has slipped beneath $440 billion, and its market cap stands firm at 42% amid ongoing speculation on whether this price run is actually a bull trap.

AXS Skyrockets 42%

Axie Infinity is today’s top performer, as its native cryptocurrency has soared by more than 40% on a daily scale. This means that AXS has tapped $13 for the first time in a while.

NEAR Protocol and Ethereum Classic are next in line from the mid-cap alts. The former is up by 9%, while the latter has pumped by 5% to $23.

Ripple and Dogecoin stand out from the larger-cap alts with similar gains of 4%. Consequently, XRP trades at 0.42, while the first-ever memecoin sits close to $0.09.

OKB and SOL have retraced the most from the top 10, by 4.5% and 2.7%, respectively.

Nevertheless, the cumulative market cap of all crypto assets is close to $1.050 trillion.