After yesterday’s price spike to over $ 48,000, bitcoin headed straight south and fell below 46,000 hours later. Altcoins are also in the red, with more than $ 60 billion in cryptocurrency market capitalization.
Bitcoin plunged $ 2.5,000 on New Years Eve
After failing to overcome $ 52,000 earlier this week, bitcoin had lost over $ 5,000 in a matter of days, as CryptoPotato recently reported. As a result, the asset has struggled below $ 47,000 for a few consecutive days.
The situation changed somewhat quickly yesterday when the cryptocurrency triggered a sudden price spike that pushed it north of over $ 1,500. As a result, it jumped above $ 48,500.
However, it failed to continue its upward trajectory, quite the contrary. The bears came to play and pushed the asset south over $ 2,500. So, BTC fell below $ 46,000 which became the lowest price in over ten days.
Despite recovering more than $ 1,000 since then, bitcoin’s market cap has fallen to less than $ 900 billion.
Alts Retrace: Avalanche in green
Alternative coins posted impressive gains yesterday. Ethereum eventually bounced back from its recent price drops and topped $ 3,800. Now, however, a 2.3% drop on a daily scale has brought the second-largest asset to around $ 100 less than that.
More losses are evident for Binance Coin (-2%), Solana (-2.5%), Cardano (-3.5%), Ripple (-1.5%), Terra (-1.5%), Polkadot (-3%), Dogecoin (-2%) and Shiba Inu (-2.3%).
Avalanche is the only exception to larger cap altcoins. AVAX is up over 3% in one day and is trading at around $ 110.
Further drops come from SushiSwap (-9%), Uniswap (-7%), IOTA (-7%), Algorand (-6%), Gnosis (-6%), NEAR Protocol (-6%), and Moreover.
The cumulative market capitalization of all crypto assets has shrunk by over $ 60 billion since yesterday’s peak to just over $ 2.2 trillion.
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