Bitcoin reacted well to yesterday’s drop and 6-week low by surging by $1,500 in a day to touch $30,000, where it got rejected.
Most altcoins are also slightly in the red, and the total market cap managed to erase most of yesterday’s losses.
Bitcoin’s $1.5K Journey
The primary cryptocurrency traded sideways for roughly a week and was stuck in a tight range between $29,000 and $29,000 until yesterday. That’s when the landscape changed as the bears took control of the market.
They pushed the asset south hard, and BTC found itself dropping below $29,000. The retracement took bitcoin all the way down to $28,500, which was a new 6-week low.
However, the bulls managed to intercept the move and didn’t allow any further declines. Just the opposite, bitcoin started to recover most of its lost value and even shot up to $30,000 for the first time in a week.
Nevertheless, it failed at conquering that line and has retraced by approximately half a grand in the following hours. Its market cap has reclaimed the $570 billion mark, and its dominance over the alts has increased to 48.6%.
Alts Mark Minor Recovery
The alternative coins also suffered yesterday, with red dominating almost all charts. The situation is more positive today, led by ETH’s jump back above $1,850 amid the numerous applications for a futures Ethereum ETF in the States.
Ripple is also slightly in the green, and the native token has tapped $0.7. Cardano, Solana, Litecoin, Polkadot, and Polygon have all charted minor gains, while BNB, DOGE, TRX, SHIB, and UNI have painted insignificant daily losses.
Maker’s native cryptocurrency has added the most value from the larger-cap alts. MKR is up by more than 9% and trades close to $1,350.
The total crypto market cap managed to recover almost all losses since yesterday and is back above $1.180 trillion on CMC.
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Cryptocurrency charts by TradingView.
