Bitcoin failed at decisively overcoming $31,000 and has retraced by over $1,000 to a familiar ground of approximately $30,000. Most altcoins are also slightly in the red today, with Ethereum fighting to stay above $2,000. Polkadot has lost the most from the larger-cap alts.
Bitcoin Stalls at $30K
Last week was nothing short of a volatile rollercoaster for bitcoin, in which the asset plummeted by $15,000 at one point from $40,000 to a multi-month low of $25,300. After recovering around $5,000 in the following few days, the tides changed, and this week has been significantly calmer, at least for now.
The most substantial price increase came two days ago when BTC spiked to and beyond $31,000. However, it failed at that point, reversed its trajectory, and came back down to below $30,000.
Something similar transpired yesterday as BTC traded above that coveted level for most of the day. Now, though, the cryptocurrency is beneath that line, and its market cap is down to $570 billion. Its dominance over the alts remains rather still at just over 44%.
ETH Fights for $2K, DOT Slumps
The alternative coins have mimicked BTC’s performance to a large extent in the past ten days or so, with massive plunges last week and a calmer outlook since the weekend.
Ethereum tried its hand at $2,100 yesterday but failed there, and the subsequent rejection has driven it back down to around $2,000.
Binance Coin touched $310 yesterday but sits $10 lower now after a minor daily decline. Similar decreases are evident from Ripple, Solana, Cardano, Dogecoin, Avalanche, and Shiba Inu.
Polkadot has lost the most in the past 24 hours. A 6.5% drop has pushed DOT to just over $10. TRON and Litecoin are among the few larger-cap alts with minor increases.
The crypto market cap has remained stagnant as well and is close to $1.3 trillion.
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Cardano (ADA)’s price flashed a ‘Death Cross’ over the weekend – a bearish technical indicator signaling downward price momentum and a potential incoming tailspin. This comes two weeks after the U.S. Securities and Exchange Commission (SEC) sued Coinbase, naming ADA as a security in the process. The Death Cross occurs when an asset’s 50-day simple…
Bitcoin’s price failed to recover throughout the past 24 hours. Quite the contrary – it continued bleeding out slowly and reached an intraday low at around $21,580 (on Binance). The majority of the market is also charting mild declines as the trading volume across the board diminishes. However, there are some exceptions. Bitcoin Slips Further…
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The market sentiment continues to improve as cryptocurrencies see another week of trading in the green. The market added around $70 billion to its total capitalization, while the overall sentiment is at a 10-month high. It’s interesting to note that Bitcoin’s dominance continues to increase. This means it fared better than altcoins in terms of…
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