Bitcoin Falls Back to $42K, Ethereum Classic Up Another 10% (Market Watch)


After briefly exceeding $43,000 to mark a 20-day high, bitcoin retraced slightly and fell back to the January 2021 all-time high of around $42,000. Most altcoins have stalled today, but Ethereum Classic continues to roll on with another massive increase.

Bitcoin Retraces to $42K

The past several days went rather well for the primary cryptocurrency without any excessive movements in either direction.

One of the most substantial price gains came on March 18th when BTC jumped from $40,000 to a daily high of $42,000. It fell back by a few hundred dollars in the following days before it went on the offensive once again yesterday.

This time, bitcoin spiked by $2,000 and shot up above $43,000 for the first time since March 3rd. It remained around that level for most of the trading day, but the bears came to play and pushed it south.

As a result, BTC slipped to $42,000, and it stands around that level once again now. As such, its market capitalization has declined slightly to $800 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Stall: ETC on a Roll

The altcoins marked impressive gains in the past few days, but most have charted minor declines since yesterday.

Ethereum touched $3,000 for the first time in weeks but failed to remain above that coveted level. As of now, a 2% decline has pushed the second-largest crypto to $2,950.

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Binance Coin, Ripple, Avalanche, Dogecoin, and Shiba Inu are also slightly in the red. In contrast, Cardano, Solana, and Polkadot have seen minor increases.

However, Ethereum Classic continues to steal the show. ETC has surged by over 11% in the past 24 hours and by 85% in a week. As a result, the asset is now close to $50.

The crypto market cap has declined slightly since yesterday, but it’s still above $1.9 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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