Bitcoin Rejected at $45K, ATOM Jumps 5% (Market Watch)

Following a few consecutive days of charting gains, bitcoin was rejected at $45,000 and slipped by around $2,000. Most altcoins have also retraced today, with Cosmos being among the very few exceptions.

BTC Stopped at $45K

After last week’s roller-coaster that transpired when Russia invaded Ukraine, bitcoin started to regain value and knocked on the door of $40,000. While it was stopped there at first, the asset broke down that door on February 28 and kept climbing towards weekly highs.

This resulted in nearing $45,000 at the start of March. In fact, BTC touched that level twice in the past two days but failed to breach it successfully.

The latest rejection came yesterday. Bitcoin briefly exceeded that level and marked a new 3-week high, but the bears stepped up and pushed it south by $2,000 to $43,000. It tried to reclaim some ground in the following hours but stands just a few hundred dollars above that intraday bottom as of now.

Nevertheless, being more than 20% up weekly means that the asset’s market capitalization is well above $800 billion.

BTCUSD. Source: TradingView

ATOM Jumps as Alts Retrace

The alternative coins went through similar price dumps and pumps after Russia’s “special military operation” began. Most marked monthly highs yesterday but have retraced slightly today.

Ethereum exceeded $3,000 for a moment but failed to maintain that level and has slid by around 3% to $2,900. Binance Coin, Ripple, LUNA, Solana, Cardano, Avalanche, Polkadot, Dogecoin, Shiba Inu, MATIC, and CRO are also in the red from the larger-cap alts.

Cosmos is among the few exceptions. ATOM is up by more than 5% in a day and now stands above $30. The most substantial gainers are Anchor Protocol and OKB. ANC has soared by about 25% in a day and trades close to $5, while OKB is up by 10% and sits at $20.

The crypto market cap is down by around $30 billion, but it’s just over $1.9 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto