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Bitcoin failed at decisively overcoming $31,000 and has retraced by over $1,000 to a familiar ground of approximately $30,000. Most altcoins are also slightly in the red today, with Ethereum fighting to stay above $2,000. Polkadot has lost the most from the larger-cap alts.
Bitcoin Stalls at $30K
Last week was nothing short of a volatile rollercoaster for bitcoin, in which the asset plummeted by $15,000 at one point from $40,000 to a multi-month low of $25,300. After recovering around $5,000 in the following few days, the tides changed, and this week has been significantly calmer, at least for now.
The most substantial price increase came two days ago when BTC spiked to and beyond $31,000. However, it failed at that point, reversed its trajectory, and came back down to below $30,000.
Something similar transpired yesterday as BTC traded above that coveted level for most of the day. Now, though, the cryptocurrency is beneath that line, and its market cap is down to $570 billion. Its dominance over the alts remains rather still at just over 44%.
BTCUSD. Source: TradingView
ETH Fights for $2K, DOT Slumps
The alternative coins have mimicked BTC’s performance to a large extent in the past ten days or so, with massive plunges last week and a calmer outlook since the weekend.
Ethereum tried its hand at $2,100 yesterday but failed there, and the subsequent rejection has driven it back down to around $2,000.
Binance Coin touched $310 yesterday but sits $10 lower now after a minor daily decline. Similar decreases are evident from Ripple, Solana, Cardano, Dogecoin, Avalanche, and Shiba Inu.
Polkadot has lost the most in the past 24 hours. A 6.5% drop has pushed DOT to just over $10. TRON and Litecoin are among the few larger-cap alts with minor increases.
The crypto market cap has remained stagnant as well and is close to $1.3 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
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