Markets in Red: BTC Slides to $48K as ETH Nears $4K

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Following another unsuccessful attempt to reclaim $50,000, bitcoin retraced once more and even dipped to $47,500. The altcoin space is in the red as well, with ETH close to breaking below $4,000 and other substantial losses from Solana, Cardano, Polkadot, Terra, and many more.

Bitcoin Failed at $50K Again

The primary cryptocurrency has seen better days. It traded at $58,000 just last week when it plummeted by $16,000 in hours on Saturday morning. Despite its initial success to recover some ground as it neared $50,000 a day later, it has mostly struggled since then.

The bull’s most notable leg up resulted in reaching $52,000 on Tuesday, but the bears didn’t allow any more increases.

Just the opposite, they pushed the cryptocurrency south by a few thousand dollars, and BTC mainly remained below $50,000. In the past 24 hours, bitcoin challenged the same coveted price line once more but to no avail.

The subsequent rejection drove it to just over $47,000 hours ago. As of now, bitcoin has reclaimed some ground and stands above $48,000, but its market cap is down to around $900 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins See Red

Ethereum also went through a roller-coaster in the past several days. It traded at nearly $4,700 last Friday when the market-wide crash drove it down to $3,500. It bounced off rather well and even exceeded $4,400 days later, but the negative sentiment in the markets returned and pushed ETH to around $4,000 hours ago. As of now, ETH stands above that line.

The rest of the larger-cap alts are in a similar position. Binance Coin (-3%) and Ripple (-2%) seem to be taking the most recent retracement relatively well.

In contrast, Solana (-6%), Cardano (-5.5%), Polkadot (-7%), Terra (-8.5%), Dogecoin (-5%), Avalanche (-4%), Shiba Inu (-6%), CRO (-7%), and MATIC (-9.5%) have lost more value in a day.

Yesterday’s top gainer – WAX – has declined the most today. A 16.5% drop has driven WAXP to $0.5. More losses come from Tezos (-13%), Enjin Coin (-11%), OKB (-11%), Qtum (-10%), Decentraland (-10%), and others.

Thus, the cryptocurrency market cap is down by $150 billion since yesterday’s peak to $2.250 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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