Following yesterday’s sudden price pump to above ,000, bitcoin headed straight south and dipped below ,000 hours later. The altcoins are also in the red, with over billion gone from the cryptocurrency market cap. Bitcoin Dipped .5K on New Year’s Eve After failing to overcome ,000 earlier this week, bitcoin had dumped by more than ,000 in days, as CryptoPotato reported recently. Consequently, the asset struggled below ,000 for a few straight days. The situation changed somewhat rapidly yesterday when the cryptocurrency initiated a sudden price pump that drove it north by more than ,500. As a result, it jumped above ,500. However, it failed to continue on its upward trajectory, just the opposite. The bears came to play and pushed the asset south by
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Following yesterday’s sudden price pump to above $48,000, bitcoin headed straight south and dipped below $46,000 hours later. The altcoins are also in the red, with over $60 billion gone from the cryptocurrency market cap.
Bitcoin Dipped $2.5K on New Year’s Eve
After failing to overcome $52,000 earlier this week, bitcoin had dumped by more than $5,000 in days, as CryptoPotato reported recently. Consequently, the asset struggled below $47,000 for a few straight days.
The situation changed somewhat rapidly yesterday when the cryptocurrency initiated a sudden price pump that drove it north by more than $1,500. As a result, it jumped above $48,500.
However, it failed to continue on its upward trajectory, just the opposite. The bears came to play and pushed the asset south by more than $2,500. Thus, BTC dropped below $46,000, which became the lowest price point in over ten days.
Despite recovering over $1,000 since then, bitcoin’s market capitalization has declined to below $900 billion.
Alts Retrace: Avalanche in Green
The alternative coins charted impressive gains yesterday. Ethereum finally bounced off from its recent price slides and exceeded $3,800. Now, though, a 2.3% decline on a daily scale has driven the second-largest asset to around $100 lower than that.
More losses are evident from Binance Coin (-2%), Solana (-2.5%), Cardano (-3.5%), Ripple (-1.5%), Terra (-1.5%), Polkadot (-3%), Dogecoin (-2%), and Shiba Inu (-2.3%).
Avalanche is the only exception from the larger-cap altcoins. AVAX has increased by more than 3% in a day and trades at approximately $110.
Further declines come from SushiSwap (-9%), Uniswap (-7%), IOTA (-7%), Algorand (-6%), Gnosis (-6%), NEAR Protocol (-6%), and more.
The cumulative market cap of all crypto assets has decreased by over $60 billion since yesterday’s peak to just over $2.2 trillion.
