BTC Adds Another Rejection To Its List As Ethereum Fights The $4K


BTC adds another rejection to the list and is unable to reclaim $50,000 while Ethereum fights the $4K price range and it is close to breaking below this level so let’s read more in today’s Cryptocurrency’s latest news.

Bitcoin tried its luck once again to go for the $50,000 but as well as other attempts, it failed. The altcoins are indecisive in their movements with almost all being in the red while Ethereum fights to stay above $4000. The $50,000 level struck again in the past day and Bitcoin was trading near $49,000 after launching an impressive leg up which resulted in breaking near the coveted level. Furthermore, BTC continued increasing and almost touched $51,000 for the first time in a few days. The cryptocurrency failed to remain above it but in the next few hours, it dumped by $2000 to the current position of $49,000.

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BTCUSD. Source TradingView

Since the Saturday crash when BTC dumped from $58,000 to $42,000, the asset was unable to reclaim $50,000 despite trying on a few occasions. Its current price tag means that the market cap declined once again but it is still above $900 billion. The second-biggest cryptocurrency had seen its better days as well after going through a roller-coaster last week from $4650 to $3500 in a few hours before bouncing off rather well and spiking above $4400. The ETH bears returned and pushed the asset south and it now trades around $4000 after another minor daily drop.

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Cryptocurrency Market Overview. Source Quantify Crypto

Binance Coin also dropped by 3%, Solana dropped by 2.5%, Dogecoin by 2%, CRO dropped by 1% all being in the red from the larger cap altcoins. On the contrary, Ripple, Terra, Avalanche, Polkadot, and SHIB painted smaller gains on a daily scale. Revain is the biggest gainer and surged by 40% and neared $0.013 while Oasis Network followed suit with a strong 20% increase. On the other hand, Decred, Near Protocol, and Quant lost the most in the day by 10%. The crypto market cap topped $2.3 trillion but it is now just over $2.2 trillion now.

Now, Bitcoin adds another rejection to its list with the latest failure to tap $50,000. As we saw over the weekend, Bitcoin’s consolidation continues as the asset is still unable to overcome the $50,000 price point and the rest of the alternative coins are untypically stable with Terra and Cardano being the only exceptions. Cardano increased 6% while LUNA also increased by a similar percentage. The main cryptocurrency showed enhanced volatility in the past few days as it tried to overcome $50,000 on a few occasions but every time it tried to move, it was met with a substantial retracement propelled by the bears’ movement.

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