Bitcoin Looking at $50K Again

btc
Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on tumblr
Share on telegram
Share on whatsapp
votes
Article Rating
Bitcoin has taken another swing at $50,000, while Ethereum reclaims $1,600 price. The crypto market cap expands above $1.5t after the recent correction.

The cryptocurrency just got a fresh ATH record at $58,400, but the bears didn’t allow any further increases and plummeted its price. In the following day or so, bitcoin lost more than $13,000 of value to a low beneath $45,000.

Yesterday seemed like a less violent day for the primary cryptocurrency at first as it briefly reclaimed the $50,000 price tag. However, the adverse price developments hadn’t ended yet, and the asset headed south again to about $47,000.

Since then, though, BTC has reclaimed some ground. It even spiked to $51,500 but has declined slightly and is currently sitting around $50,400.

According to the technical indicators, $50,000 is actually the first resistance line in BTC’s way up. If successfully conquered, the following ones are at $51,500 and $52,000.

Alternatively, the support lines at $48,000, $47,000, and $44,750 could assist in case of another sharp retracement.

btcusd_chart
Source: Cryptopotato /BTC/USD. Source: TradingView

Most alternative coins plummeted even worse than BTC during the latest correction. Ethereum went from its ATH at $2,040 to below $1,400. However, ETH has bounced off since its low and currently stands at $1,650.

Binance Coin also dipped hard to about $200 but has increased to $250 since then. Polkadot (1.5%) and Chainlink (2%) are also slightly in the green in the past 24 hours.

In contrast, Ripple (-7%), Litecoin (-5%), and Bitcoin Cash (-5%) have continued losing value.

Cryptocurrency Market Overview. Source: Quantify Crypto
Source: Cryptopotato Cryptocurrency Market Overview. Source: Quantify Crypto

In contrast, more 24-hour gains are evident from Stacks (31%), THORChain (25%), Fantom (25%), UNUS SED LEO (22%), Solana (-17%), Compound (15%), Terra (12%), THETA (11%), and Aave (10%).

Consequently, the cumulative market capitalization of all cryptocurrency assets has also bounced off from yesterday’s low and has added about $130 billion to $1.51 trillion.

Source: Cryptopotato

votes
Article Rating

Read More About:

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on tumblr
Share on telegram
Share on whatsapp

Related Posts

farmer-bitcoin-cow-poop

A farmer uses cow poop to provide power to its crypto mine farm. The layout of the installation looks classic: manure is mixed with water and placed in fermenters. They produce methane, and methane is used by engines connected to generators - they generate electricity so they can mine cryptocurrencies.

Read more
Subscribe
Notify of
guest
0 Comentários
Inline Feedbacks
View all comments