Bitcoin Drops $3K After Getting Rejected at $52K: Ethereum Below $4K (Market Watch)

Bitcoin surged to a new three-week high at $52,000, but the subsequent rejection drove it south by a few thousand dollars. The altcoins are also most in red, with Ethereum dumping well below $4,000.

Bitcoin Rejected at $52K

The past several days were going well for the primary cryptocurrency, which broke above $50,000 on Christmas Eve. It went even higher during the weekend and neared $52,000.

The bears intercepted the move and pushed it south in the following hours, but BTC refused to stay down. It started to reclaim value and exceeded $50,000 once again. It also continued climbing this time and even touched $52,000 to mark a new three-week high.

However, this endeavor was short-lived as bitcoin started to lose value somewhat rapidly. It dropped by more than $3,000 in hours to below $49,000. As of now, it has bounced off and currently stands above $49,000, but it’s still 2.5% down on the day.

BTCUSD. Source: TradingView

Altcoins in Red: ETH Below $4K

The altcoins marked substantial gains yesterday, but most are deep in red today. Ethereum traded above the coveted $4,000 for several days, but a 3% decline in the past 24 hours has driven the second-largest crypto to well beneath that line.

Solana, Cardano, Ripple, Avalanche, Dogecoin, Shiba Inu, MATIC, CRO, Litecoin, and Chainlink have all lost somewhere between 1.5 and 5% in a day.

Terra (-7.5%) and Polkadot (-6%) are even deeper in red. Binance Coin is the only larger-cap alt slightly in the green.

ICON and SushiSwap have surged the most since yesterday with 17% and 11%, respectively. In contrast, THETA, Loopring, Helium, Curve DAO Token, Harmony, and Zilliqa have lost the most value.

The cryptocurrency market cap is down by more than $70 billion since yesterday to just over $2.3 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto