Bitcoin faced enhanced volatility on Friday as well, dumping in minutes to $42,600 before jumping to $44,400 and ultimately settling below $44,000.

Many altcoins have charted massive price declines over the past 24 hours, with AVAX, ADA, SOL, and LINK leading this adverse trend.

Dominance on the Rise: Bitcoin

Although it has been less than a week since the start of the new year, BTC has already recorded several massive price movements in either direction. It all started on Tuesday with a surge from $42,500 to a 21-month peak at almost $46,000.

Then came reports that the SEC plans to reject all pending ETF proposals, which sent the primary cryptocurrency south hard. In a matter of minutes, the asset slumped by nearly five grand to $41,500.

The bulls intercepted the move at this point, and BTC began its recovery. This culminated in a price surge to $44,800 on Friday, but the asset couldn’t maintain its run and slipped back down to $42,500 on a couple of occasions.