Market Watch: As Bitcoin Retraces to $48K, Fantom Up 17%, NEAR Skyrockets 32%

The psychological and technical resistance at $50,000 has proven too tough for Bitcoin to overcome once again. The cryptocurrency is currently retracing towards $48K, but plenty of altcoins are completely unfazed and are even charting new highs,

Bitcoin Retracing Towards $48K

Yesterday, BTC’s price was on its path towards $50K. It peaked at $49,600 and was unable to continue higher. However, the picture is rather different today.

At the time of this writing, bitcoin is trading at $48,350, down 1.8% in the past 24 hours.

BTC/USD. Source: TradingView

So far, the $48K level seems to be holding. It’s also worth noting that the total market capitalization hasn’t decreased that much. It’s down some $5 billion in the past day, which signifies that altcoins are making up for the difference.

Some Altcoins Party

The rest of the market is colored in both green and red as some altcoins charted serious gains while others failed to do stand their ground.

Cryptocurrency Heatmap. Source: Quantify Crypto

Ethereum, for instance, failed to stay above $4K and is down 2.5% towards $3,900. AVAX is also down about 3%, and so is Solana (SOL).

On the other hand, though, NEAR Protocol surged by a whopping 33% and painted a new all-time high at $13.35. Fantom’s FTM is also up 17%, and it trades at around $1.8.

Overall, these are the two biggest winners in terms of 24-hour ROI, followed by Aave with 14.2%, Sushi with 13.2%, and SPELL with 9.5%.

On the other hand, BCHA continues to decline and is once again the coin that lost the most during the past day. It’s down 11.3%, trading at $77. LUNA is own 9.9% compared to 24 hours ago but remains 40% up for the past week.