Bitcoin was rejected above $44,000 and dropped by over a grand in the following hours. The altcoins have also turned red, with Ethereum struggling to remain above $3,000 and other daily drops from Binance Coin, Cardano, Solana, and more.
Roughly a week ago, bitcoin charted a five-week high at nearly $46,000 before the bears came to the party and pushed it south by $4,000. Consequently, the asset found itself dipping beneath the 50-day moving average ($42,000) later this week.
However, it started to regain some value and pushed above $44,000 yesterday, as reported. It even neared $45,000 but was stopped in its tracks before challenging that level.
Since then, BTC fluctuated a bit around $44,000 with a few drops to $43,000. As of now, though, the cryptocurrency stands just over the latter. Nevertheless, its market capitalization is still above $800 billion.
This price dip comes despite the most recent news of growing adoption among legacy financial companies, with the latest example coming from the New York Stock Exchange, which wants to open a crypto brokerage at some point.
BTCUSD. Source: TradingView
The alternative coins marked significant gains a few days ago, calmed yesterday, but most are in the red today. Ethereum went as high as $3,200 but failed to continue upwards. In the past 24 hours, the second-largest crypto lost some traction and now fights to stay above $3,000.
Similar daily drops of around 3-5% come from Binance Coin, Ripple, Cardano, Solana, Avalanche, Terra, and Polkadot. The two largest memecoins – Dogecoin and Shiba Inu – are taking today’s retracement somewhat better with more minor drops.
ATOM is the only larger-cap altcoin in the green with a 3.5% increase to $30.
The cryptocurrency market cap, which exceeded $2 trillion just a few days ago, is down by around $50 billion in a day and stands at $1.950 trillion now.
Cryptocurrency Market Overview. Source: Quantify Crypto
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