Bitcoin jumped above $23,200 as Aptos's APT soared 46% while traditional markets were muted.
The largest cryptocurrency was up about 1.6% over the past day at 4:35 p.m. EST after trading little changed, according to TradingView data.
Ether and BNB reversed earlier declines, with the former flat on the day. Dogecoin and shiba inu were also little changed.
The vast majority of the current crypto-pullback is being driven by smaller-cap coins that experienced "surprising bounces" coming out of the holidays, said Stephane Ouellette, CEO of FRNT Financial.
Coins such as FTT and SOL nearly doubled in value coming out of the holidays, and these are among the coins driving the current decline, Oullette said. In contrast, tokens like BTC, which have stronger market fundamentals, remain relatively stable.
Layer 1 Blockchain Aptos's APT hit a record, surging 46%.
Crypto stocks and structured products
Silvergate rose 1.3%, according to Nasdaq data, while Coinbase dropped 1.4%.
MicroStrategy fell about 0.7%, as Block remained stable, dropping by 0.2%.
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