Bitcoin looked toward $38,000 yesterday but was halted in its tracks, and the subsequent rejection pushed it south to $37,100.
Most altcoins are also in the red today, but not tokens related to the Terra ecosystem. In some cases, the price increases are by nearly 300%.
BTC to Lose $37K?
After a highly volatile business week in which BTC found itself dumping below $36,000 following the Binance-DOJ settlement, the cryptocurrency went on the offensive at the end of it and skyrocketed to an 18-month peak at $38,500.
As the community rejoiced and speculated about a potential climb toward $40,000, the bears stepped up and pushed the asset south. As such, bitcoin quickly lost the $38,000 mark and calmed at around $37,500 during the weekend.
Sunday ended with a price increase from $37,200 to $37,800, which was followed by another reversal. This time, BTC fell to a 4-day low of $37,100.
Nevertheless, the cryptocurrency reacted well and currently sits a few hundred dollars above that level. Its dominance has increased slightly now to 51.5%, even though its market cap has lost some steam and is down to $730 billion.
Terra Tokens on the Rise
Most of the larger-cap alts have turned red today. Ethereum, Binance Coin, Ripple, Cardano, Tron, Toncoin, Avalanche, and Polkadot have all retraced by up to 2%.
Solana, Chainlink, and Polygon have declined by somewhere between 3-5%. Dogecoin and Shiba Inu are the only larger-cap alts in the green, with minor increases of around 2%.
Today’s top performers come from the Terra ecosystem. The derailed stablecoin, which lost almost all of its value a year and a half ago, has exploded by 275% over the past day and 370% during the last week and currently trades at $0.06.
Terra Classic (LUNC) and Terra (LUNA) are also up by impressive percentages – 50% and 32%, respectively.
The total crypto market cap, though, has lost around $20 billion overnight and sits at $1.420 trillion.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
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.
