After peaking nearly a month above $ 49,000, bitcoin has retreated over $ 1,000 and is currently struggling below $ 48,000. Most alternative coins have also stalled today, with the apparent exception of Algorand, Tezos, and Axie Infinity.
Bitcoin failed at $ 49,000
Since the end of September, when BTC fell below $ 41,000, the price of the asset has gradually increased. Following a few hourly surges, it went above $43,000 and then reclaimed $47,000 in just a few days.
This led to mining $ 48,000 on Saturday, which he held for a while. Bitcoin retraced briefly on Sunday to $47,000, but the bulls regained control and sent it north again.
This time, BTC even surpassed $ 49,000 for the first time since early September. However, it failed to continue upwards, and the subsequent rejection led to a drop of more than $1,500.
For now, bitcoin has gained ground but is still below $ 48,000. Nevertheless, its market capitalization is just over $900 billion, and the dominance over the alternative coins sits at 42.5%.
Alts Stall: XTZ breaks new record
Most altcoins have performed similarly to their leader over the past few days. Ethereum had dropped all the way down to $2,900, but the market recovery drove it back to above $3,400 yesterday. A slight retracement over the past 24 hours, however, has pushed ETH below that level now.
Cardano is among the most substantial losers from the top 10 coins, with a 4% decline. As a result, ADA fell below $ 2.20. Binance Coin, Solana, Ripple, Polkadot, Dogecoin, Avalanche and Uniswap are also well in the red on a daily basis.
There’re a few exceptions, though. Luna has increased by 4% to above $45. Algorand has climbed almost 15% and is currently above $ 2.
As reported earlier, AXS reached a new all-time high after another massive double-digit surge. Tezos (XTZ) posted a record of its own hours above $ 9 after a daily increase of 10%.
After reaching a multi-week high above $2.150 trillion, the cryptocurrency market capitalization has also declined in a day by $50 billion.
