The crypto market is not out of the woods yet. There are still some altcoins that are worth keeping an eye on.
After another failed attempt to reclaim $50,000 bitcoin, it once more dropped and even dipped to $47,500. The altcoin space is in the red as well, with ETH close to breaking below $4,000 and other substantial losses from Solana, Cardano, Polkadot, Terra, and many more.
Bitcoin Failed at $50K Again
There’s a lot of hype about Bitcoin, but the original cryptocurrency has seen its value plummet over the past couple of weeks. It plunged by $16,000 in hours on Saturday morning and has mostly struggled since then.
The bulls were able to reach $52,000 on Tuesday, but the bears didn’t allow any further increases.
Just the opposite, the cryptocurrency pushed the price lower by just a few thousand dollars, and Bitcoin mainly stayed below the same coveted price line again. In the past 24 hours, Bitcoin didn’t manage to challenge the same coveted price line again but failed to reach it anyway.
The subsequent rejection pushed it to over $47,000 in the last hour. At the time of this writing, bitcoin’s market cap has dropped to under $900 billion.
Altcoins In Red
Ethereum, along with other cryptocurrencies, has experienced quite a roller-coaster in the past several days. The market-wide crash pushed it down to $3,500, but it bounced off quite well and even exceeded $4,000 a few days later. Negative sentiment returned to the market and pushed ETH back to near $4,000 hours ago. Now it’s sitting above that line.
The rest of the larger-cap alts are in a similar position. Binance Coin is down -3%, and Ripple is down -2%.
In contrast, Solana (-6%), Cardano (-5.5%), Polkadot (-7%), Terra (-8.5%), Dogecoin (-5%), Avalanche (-4%), Shiba Inu (-6%), CRO (-7%), and MATIC (-9.5%) have lost more value in a day.
Yesterday’s top gainer – WAX – has declined the most today. A 16.5% drop has driven WAXP to $0.5. More losses come from Tezos (-13%), Enjin Coin (-11%), OKB (-11%), Qtum (-10%), Decentraland (-10%), and others.
Thus, the cryptocurrency market cap is down by $150 billion since yesterday’s peak to $2.250 trillion.
Featured photo source pexels.com