Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Following the latest price corrections, bitcoin attempted a quick recovery in the past 24 hours but was stopped at its tracks at nearly $43,000. Most altcoins are slightly in the green, while a few have produced more impressive increases, such as Avalanche and Polygon.
Bitcoin Stopped Before Reaching $43K
The primary cryptocurrency has been on a downtrend for several days. It traded above $47,000 on Wednesday before the bears took complete control over the market on Thursday.
In a matter of hours, they pushed the asset down by $4,000, and BTC reached an intraday bottom of $43,000. Although this was already a substantial correction, the landscape only worsened in the following 48 hours.
BTC lost another sizeable chunk of value on Friday and dropped to a three-month low of $40,500 on Saturday. It remained relatively calm on Sunday around $42,000 before the bulls attempted a quick recovery session that drove it to just shy of $43,000.
However, bitcoin failed to overcome that line, and the subsequent rejection drove it to just under $42,000, where it sits now. As such, its market capitalization is still beneath $800 billion.
Alts With Minor Gains
The altcoins have suffered as well since Thursday. Ethereum traded above $3,800, but the market-wide retracement drove it to below $3,100. After this massive drop in days, ETH bounced off now sits above $3,150.
On a daily scale, the situation with the alts seems a bit more optimistic. Binance Coin, Solana, Cardano, Ripple, Terra, Dogecoin, and Shiba Inu are all slightly in the green. Polkadot is up by around 4% and sits at $25.
Avalanche and MATIC are the most substantial gainers from the larger caps. AVAX has added 5.5% of value and is just under $90, while MATIC has jumped by 6% to above $2.1.
The crypto market cap is still around $1.960 trillion, meaning that the metric is down by almost $300 billion since Thursday.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.