Bitcoin Slides by $4,500 as Ethereum and Binance Coin Paint New ATHs (Market Watch)

Bitcoin’s notorious volatility struck again yesterday as the asset plummeted by more than $4,000 in hours after touching $59,000. At the same time, Ethereum, Binance Coin, and Dogecoin continue riding high with a new all-time high for each.

ETH, BNB, DOGE to New Highs

The second-largest cryptocurrency by market cap has been blowing out of the water the rest of the market in recent weeks by charting consecutive all-time highs almost daily. The past 24 hours didn’t disappoint the ETH bulls as the asset went on towards its latest record at roughly $3,450. Despite retracing with $90 since then, ether is more than 320% up year-to-date.

Another spectacular performer recently is Binance Coin. The native crypto of the world’s leading exchange reached $680 for a new all-time high yesterday, and its market cap broke above $100 billion for the first time.

Dogecoin followed the aforementioned developments with a record of its own as well. This time, the popular meme coin spiked to above $0.45.

Litecoin and Chainlink are also in the green. On the other hand, Ripple (-7.5%), Cardano (-1.5%), Polkadot (-4%), Uniswap (-5.5%), and Bitcoin Cash (-3%) have lost some traction.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

Waves is the most significant gainer from the top 100 coins, following a 70% surge to above $40. THORChain (19%), Ethereum Classic (15%), OMG Network (14%), Flow (10%), and Avalanche (10%) are next.

In contrast, Fantom (-10%) has lost the most, followed by Polygon (-9%), Holo (-8%), Ravencoin (-8%), and Dent (-8%).

The total market cap also went for a record of above $2.3 billion.

Bitcoin Touched $59K But Slumped

And while some altcoins have been on a roll lately, the primary cryptocurrency has failed to produce any significant gains. In the past 24 hours, the situation seemed somewhat different as BTC pumped from $56,000 to a new 15-day high at $59,000.

However, the bears resumed control and pushed the cryptocurrency south by more than $4,000 to a low of $54,500 (on Bitstamp).

Despite recovering some ground since then and currently trading around $56,000, BTC is still 3.5% down on a 24-hour scale. Moreover, its dominance over the market continues to decrease and is down to 46.3%.

 TradingViewBTCUSD. Source: TradingView

Publication date: 
05/04/2021 - 07:14
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