After rising above $42,000 yesterday, bitcoin failed to maintain that level and dipped by more than $1,000 hours later. Most altcoins have also seen minor losses on a daily scale, with a few exceptions. Ethereum Classic is the most apparent example as ETC is up by about 5% in a day and 50% in a week.
Bitcoin fails at $42,000
It was in the middle of last week when bitcoin launched an impressive surge from $3,000 to $42,000 which, in fact, turned out to be a fake breakout. A few minutes later, BTC found itself back at $39,000.
However, the generally more positive vibe in the market pushed the asset north again, and it reclaimed $40,000 even after the US Federal Reserve confirmed its plans to increase the interest rates by 25 basis points.
As the weekend approached and arrived, bitcoin pumped again and hit a 10-day high at $42,500, as reported yesterday. Nevertheless, it failed at this level and slipped nearly $2,000.
The bulls stepped up at that point and drove BTC up to its level of over $41,000, but its market capitalization is still well below $800 billion.
Altcoins retraces as ETC soars
Alternative coins have also seen impressive gains over the past few days, but most have now turned red. Ethereum tried to break through $3,000 but failed in its run, and a near 2% decline on a daily scale pushed ETH to $2,840 on the day.
Binance Coin touched and briefly exceeded $400 but retraced in the following hours to below $390.
Ripple, Solana, Cardano, Polkadot, Dogecoin, Shiba Inu, CRO, MATIC and ATOM are also in the red of larger cap alts.
In contrast, Terra and Avalanche are the only ones with minor increases. However, Ethereum Classic is the most significant gainer (once again). After yesterday’s massive 20% surge, ETC is now up by 5% and sits close to $40. On a weekly scale, the asset is up by around 50%.
The crypto market capitalization is relatively calm and does not exceed $1.9 trillion.
