Bitcoin Plunged $4000 To Pre-Elon Musk Pump Levels: Weekend Market Watch

After a highly volatile day prompted by Elon Musk’s Bitcoin engagement on social media, BTC has retraced back to around $34,000, as of writing these lines. Most alternative coins also went along the ride, and the total market cap has sustained the $1 trillion mark.

Bitcoin’s 24 Hours Wild Ride

The primary cryptocurrency was struggling in the past several days as it even dipped beneath $30,000 on a few occasions that were quickly bought by the bulls. As a result, Bitcoin dominance was fading, and the bears were looming in for another push south.

And a push indeed arrived, but in precisely the opposite direction. The CEO of Tesla and SpaceX, who is also the world’s richest person, Elon Musk, updated his Twitter bio to display only one word – Bitcoin. Almost immediately, the price of the asset skyrocketed by more than $6,000 in minutes.

Whether Musk is trolling once again or he’s finally planning to come onboard the BTC train is still unknown, but the effects were instantaneously evident as numerous prominent individuals followed along with profile updates.

Nevertheless, BTC’s volatile ride hadn’t finished yet as the cryptocurrency went for a step correction. In the following hours, bitcoin went from the 10-day high of $38,700 (on Bitstamp) to its current level of about $34,000.

 TradingViewBTCUSD. Source: TradingView

Market Cap Struggles For $1 Trillion

As it typically happens during a highly volatile trading day within the cryptocurrency market, most alternative coins followed their leader. Ethereum went from a daily low of below $1,300 to a high above $1,440. Similar to BTC, though, the second-largest cryptocurrency has retraced and is now trading at $1,340.

On a 24-hour scale, XRP is among the best performers from the top ten after a 5% increase to nearly $0.30. In contrast, Bitcoin Cash (-3%), Chainlink (-2%), Cardano (-4%), and Litecoin (-4.5%) have lost the most.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto


More volatility is evident from lower- and mid-cap altcoins. FunFair has continued the tradition of triple-digit percentage gainers with a 105% surge to $0.039. Ravencoin (60%), Alpha Finance Lab (50%), Voyager Token (48%), Compound (27%), 1inch (25%), and Elrond (25%) follow.

After surging to new highs, entering the top 10, and gaining the attention of the world, Dogecoin has dropped by 32% since yesterday to $0.03. Fantom (-15%), Stellar (-10%), and Terra (-10%) are next.

Ultimately, the total market cap has remained around the coveted $1 trillion mark. Just a few days ago, the metric had dropped to $850 billion while yesterday surged to over $1.05 trillion.

Publication date: 
01/30/2021 - 11:41

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