After benefiting from a nearly one-month high above $49,000, bitcoin has rebounded over $1,000 and is currently struggling below $48,000. Most alternative coins are also discontinued today, with the obvious exception of Algorand, Tezos, and Axis Infinity.
Bitcoin Fails at $49,000
Since the end of September, when BTC fell below $41,000, the price of the asset has been gradually rising. After a few hourly increments, it crossed $43,000 and then made $47,000 back in a few days.
This led to the $48,000 being exploited on Saturday, where it lingered for a while. Bitcoin rebounded briefly on Sunday to $47,000, but the bulls regained control and sent it north again.
This time, BTC topped $49,000 for the first time since early September. However, it failed to continue rising, and the subsequent rejection led to a drop of more than $1,500.
As of now, Bitcoin has regained some of its gains but it is still below $48,000. However, it has a market capitalization of just over $900 billion, and altcoins dominate 42.5%.
Altus booth: XTZ paints a new record
Most altcoins have performed similarly to their leader in the past few days. Ethereum completely fell to $2900, but the market recovery pushed it back above $3400 yesterday. Despite this, a slight bounce over the past 24 hours has pushed ETH below that level now.
Cardano is among the most significant losers among the top 10 coins, down 4%. As a result, the ADA fell below $2.20. Binance Coin, Solana, Ripple, Polkadot, Dogecoin, Avalanche, and Uniswap are also broadly in the red.
However, there are some exceptions. Luna increased 4% to over $45. Algorand is up about 15% and is currently standing above $2.
As previously reported, AXS reached a new all-time high after another big double-digit increase. Tezos (XTZ) saw its own watch record hit over $9 a day after a 10% daily increase.
After hitting a multi-week high above $2.150 trillion, the cryptocurrency market cap has also fallen in one day by $50 billion.
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