Shortly after reaching a new three-month high of over ,000, bitcoin retraced rapidly and lost over ,000 in hours. Most altcoins are also in the red, with the apparent exception of Ripple. XRP has surged by 60% in a week to a record of its own at .3. Red Among Alts, But Not XRP The alternative coins enjoyed the past several days with impressive gains. Ethereum led the charge by surging past ,300. Thus, ETH nearly doubled its value since the July 20th dump. However, the second-largest crypto has retraced by about 3% in a day and currently sits just over ,200. Cardano has also been among the best performers, with a 40% weekly increase. Despite the slight correction since yesterday, ADA stands at .1 and actually surpassed Binance Coin as the third-largest digital
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Shortly after reaching a new three-month high of over $48,000, bitcoin retraced rapidly and lost over $2,000 in hours. Most altcoins are also in the red, with the apparent exception of Ripple. XRP has surged by 60% in a week to a record of its own at $1.3.
Red Among Alts, But Not XRP
The alternative coins enjoyed the past several days with impressive gains. Ethereum led the charge by surging past $3,300. Thus, ETH nearly doubled its value since the July 20th dump.
However, the second-largest crypto has retraced by about 3% in a day and currently sits just over $3,200.
Cardano has also been among the best performers, with a 40% weekly increase. Despite the slight correction since yesterday, ADA stands at $2.1 and actually surpassed Binance Coin as the third-largest digital asset by market cap.
Polkadot (-2.5%), Uniswap (-3.5%), Solana (-0.5%), Litecoin (-2%), Chainlink (-3.5%), and MATIC (-5%) have also retraced in a day.
In contrast, XRP has surged by about 9% on a 24-hour scale. Ripple’s native token is up by 60% in a week and exceeded $1.3 hours ago for its highest price level since mid-May.
More fluctuations come from lower- and mid-cap alts. From one side, Waves (17%) and THORChain (12%) have recorded substantial gains, while from the other – Qtum (-10%), NEAR Protocol (-9%), Ravencoin (-9%), Telcoin (-8%), and The Graph (-8%) are in the red.
The crypto market cap has declined by about $60 billion in a day and sits just under $2 trillion.
Bitcoin’s $2K Dump
The primary cryptocurrency also flew high. As reported yesterday, it’s up by more than 60% since the July drop below $30,000. In fact, the bulls kept pushing it upwards, and BTC even surged above $48,000 for the first time since mid-May.
However, this adventure was short-lived. In the following minutes, bitcoin reversed its trajectory and dumped hard by about $2,000.
This came as the general sentiment in the community had turned to “extreme greed,” which could sometimes be a catalyst for incoming corrections.
As of now, bitcoin still stands at just over $46,000, and its dominance has further declined to 44.2%, even though the market capitalization has stayed well above $850 billion.
