Bitcoin Dips Below $70K as Altcoins Retreat; WLFI Bucks Trend

Bitcoin’s price action has been characterized by extreme volatility throughout early February, culminating in the latest failed rally attempt. After plunging to a multi-month low of $60,000 late last week—a level not seen since before the U.S. presidential elections in November 2024—the primary cryptocurrency managed a swift rebound to $72,000 by Saturday morning. However, this recovery proved fragile. The asset faced immediate rejection at that level, dipped to $68,000, and mounted another unsuccessful charge to $72,000 on Sunday. Since that second rejection, BTC has declined by $2,500, trading below $70,000 with a market capitalization of $1.390 trillion.

This recent weakness extends a turbulent period that saw Bitcoin lose a staggering $30,000 in value in just over a week, beginning with a sharp drop from a local peak near $90,000 at the end of January. Despite brief bullish interventions that pushed the price to $79,000, selling pressure has remained the predominant market force. Bitcoin’s dominance over the altcoin market now sits just above 57%, indicating its outsized influence on the current downturn. The repeated failure to hold gains above $72,000 suggests significant resistance and a lack of sustained buying momentum at current levels.

The negative momentum from Bitcoin has cascaded across the cryptocurrency market, putting most large-cap altcoins firmly in the red. Ethereum, the second-largest digital asset, is down 3% to approximately $2,030. Other major players like XRP and Binance Coin (BNB) have seen similar declines, with XRP falling to $1.40 and BNB slipping to $623. The sell-off has been even more pronounced for Solana (SOL) and Dogecoin (DOGE), both shedding about 4% of their value.

The correction has highlighted specific areas of pronounced weakness. Assets such as Jupiter (JUP), Ondo (ONDO), and Arbitrum (ARB) are among the day’s biggest losers, each declining by up to 8%. This broad-based retreat underscores the high correlation within the crypto market during risk-off periods, where Bitcoin’s price movements often dictate sentiment for the entire asset class. The total cryptocurrency market capitalization has reflected this unified downturn, falling by roughly $70 billion in 24 hours to below $2.430 trillion.

In a market awash with red, WLFI has provided a notable counter-narrative. While nearly every other major asset declined, WLFI surged by 8%, pushing its price to nearly $0.11. This performance makes it a clear outlier and one of the few digital assets to post meaningful gains during Monday’s trading session. Its ability to buck the strong negative trend suggests idiosyncratic demand or project-specific developments that are insulating it from the broader market’s selling pressure.

WLFI is not entirely alone in its resilience, though it stands apart in the magnitude of its gains. Privacy-focused coin Monero (XMR), along with SKY and LEO, also managed to trade slightly in the green. However, their gains are marginal compared to WLFI’s 8% advance. The stark divergence between WLFI’s performance and the rest of the market highlights the fragmented nature of crypto valuations, where individual token dynamics can occasionally decouple from the macro sentiment driven by Bitcoin and Ethereum, even if such instances remain the exception during sharp corrections.