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Bitcoin Retests $45K as Ethereum Stalls Around $3.1K (Market Watch)

Summary:
Following a few days of adverse price developments, bitcoin has started to recover some value and currently sits around ,000. Most altcoins have stalled in the same timeframe, with a few exceptions from Polkadot and Terra. Bitcoin Taps K The start of the week was highly damaging for the bitcoin bulls as the price of the cryptocurrency plummeted on Monday from ,000 to around ,000 in hours. The situation only worsened in the following two days as BTC dumped by a few thousand dollars more. Thus, it bottomed at ,600 on Wednesday, which became its lowest price level since August 6th. At this point, though, the trend started to change once again. Bitcoin rapidly bounced off and reclaimed ,000 before going on upwards to the ,000 mark as reported yesterday. In

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Following a few days of adverse price developments, bitcoin has started to recover some value and currently sits around $45,000. Most altcoins have stalled in the same timeframe, with a few exceptions from Polkadot and Terra.

Bitcoin Taps $45K

The start of the week was highly damaging for the bitcoin bulls as the price of the cryptocurrency plummeted on Monday from $48,000 to around $43,000 in hours. The situation only worsened in the following two days as BTC dumped by a few thousand dollars more.

Thus, it bottomed at $39,600 on Wednesday, which became its lowest price level since August 6th. At this point, though, the trend started to change once again.

Bitcoin rapidly bounced off and reclaimed $40,000 before going on upwards to the $44,000 mark as reported yesterday. In the past 24 hours, the asset has recovered $1,000 more and currently sits around $45,000.

As such, its market capitalization has gone to approximately $850 billion after it had dropped below $800 billion two days ago. BTC’s dominance over the altcoins has also increased by 0.5% as most have failed to follow it north.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Stall; LUNA Surges 10%

Most alternative coins mimicked BTC’s performance in the past several days. Ethereum went as low as $2,650 but quickly bounced off and recovered around $500. On a 24-hour scale, though, ETH has been rather stagnant, but it still stands above $3,100.

Ripple, Dogecoin, Binance Coin, and ATOM have also remained calm since yesterday. Cardano is up by about 3% and trades above $2.3. Polkadot (5%) and Terra (10%) are the most significant gainers from the larger-cap alts.

In contrast, Solana (-3%) and Avalanche (-5%) have retraced the most. It’s worth noting, though, that AVAX went on to mark yet another all-time high yesterday after an 800% surge in two months.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

REN (23%) has increased the most since yesterday, followed by NEAR Protocol (15%), THORChain (13%), Tezos (12%), and Harmony (10%).

The cryptocurrency market cap has added around $20 billion in a day and currently sits at $2 trillion.

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