Bitcoin Dormant at $30K While Ethereum Classic (ETC) Pumps 10%: Market Watch
Bitcoin recovered most losses from yesterday’s dip below $29,000 but failed at $30,000 once again. The altcoins have continued to trade sideways with a few notable moves in either direction. Ethereum Classic stands out as the most significant gainer.
Bitcoin Back Below $30K
The primary cryptocurrency has had its issues with the coveted $30,000 line for over a week now. It made several attempts to overcome that line but was met with rejection every single time, which pushed it south by up to a few thousand dollars almost immediately.
The latest such example came earlier this week when BTC pumped to $30,600. The same scenario followed, and the asset plummeted by precisely $2,000 to a low of $28,600.
Nevertheless, the bulls stepped up and drove it upwards once again. For a brief moment, BTC surpassed $30,000 once again but now stands just under it.
As such, its market capitalization has gone back down to $565 billion, while the dominance over the altcoins has increased slightly to 44.7% on CoinMarketCap.
ETC Stands Out
The altcoins have calmed as well recently. Ethereum, for example, has followed bitcoin’s price movements to a large extent. ETH’s major line that it fails to overcome decisively is $2,000.
It jumped above that level two days ago but dipped below it yesterday and has remained there now as well after a minor daily retracement. Ripple, Cardano, Solana, Dogecoin, Avalanche, and Shiba Inu are also slightly in the red.
Binance Coin has sustained above $330 following a minor increase. Tron has jumped the most from the larger-cap altcoins, with a 4.4% pump to $0.08.
While most lower- and mid-cap altcoins are in the red as well, Ethereum Classic has defied the odds with a 10% increase in a day. Consequently, ETC now stands close to $25. The crypto market cap has stalled below $1.3 trillion.
