After dropping below $40,000 earlier this weekend, bitcoin has been unable to reclaim that level despite a few attempts. The rest of the market is also relatively calm today, with ETH sitting beneath $3,000.
Bitcoin Stalls Below $40K
After the Monday crash, bitcoin went on the offensive and added several thousand dollars in about a few days. As a result, it broke above the January 2021 all-time high of $42,000 and kept climbing.
This culminated in a price increase towards $43,000, which became a ten-day high. However, this is where the bears stepped up and didn’t allow any further price jumps. Just the opposite, BTC reversed its trajectory and started retracing.
In fact, the price drop was quite sudden, and the asset found itself trading below $40,000 hours later, as reported yesterday. It declined to just over $39,000.
It tried recovering a lot of ground but was stopped in its tracks at $40,000. This is where it sits now as well, and its market capitalization stands at $750 billion.
These adverse developments led to a change in the overall market sentiment. The popular Bitcoin fear and greed index now stands in “extreme fear” territory.
The alternative coins went through enhanced volatility during the week, with most mimicking BTC’s performance.
Ethereum, for example, went from a ten-day high of its own at $3,200 to below $3,000 in a few days. As of now, it still trades below the latter.
Binance Coin, Solana, Polkadot, and Shiba Inu are slightly in the green, while Ripple, Terra, Cardano, Avalanche, and Dogecoin are with minor price decreases.
As most lower- and mid-cap altcoins are quite calm now, the cumulative market cap of all crypto assets has remained in a similar position as yesterday at $1.850 trillion.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Download MAXBIT Android App, Your best source of all crypto news!
Share this article: