Bitcoin Retests $45K as Ethereum Stalls Around $3.1K (Market Watch

Bitcoin continues to aim higher by reclaiming roughly $5,500 in two days. The crypto market cap stands around $2 trillion.

Following a few days of adverse price developments, bitcoin has started to recover some value and currently sits around $45,000. Most altcoins have stalled in the same timeframe, with a few exceptions from Polkadot and Terra.

Bitcoin Taps $45K

The start of the week was highly damaging for the bitcoin bulls as the price of the cryptocurrency plummeted on Monday from $48,000 to around $43,000 in hours. The situation only worsened in the following two days as BTC dumped by a few thousand dollars more.

Thus, it bottomed at $39,600 on Wednesday, which became its lowest price level since August 6th. At this point, though, the trend started to change once again.

Bitcoin rapidly bounced off and reclaimed $40,000 before going on upwards to the $44,000 mark as reported yesterday. In the past 24 hours, the asset has recovered $1,000 more and currently sits around $45,000.

As such, its market capitalization has gone to approximately $850 billion after it had dropped below $800 billion two days ago. BTC’s dominance over the altcoins has also increased by 0.5% as most have failed to follow it north.

BTCUSD. Source: TradingView
BTCUSD. TradingView

Alts Stall; LUNA Surges 10%

Most alternative coins mimicked BTC’s performance in the past several days. Ethereum went as low as $2,650 but quickly bounced off and recovered around $500. On a 24-hour scale, though, ETH has been rather stagnant, but it still stands above $3,100.

Ripple, Dogecoin, Binance Coin, and ATOM have also remained calm since yesterday. Cardano is up by about 3% and trades above $2.3. Polkadot (5%) and Terra (10%) are the most significant gainers from the larger-cap alts.

In contrast, Solana (-3%) and Avalanche (-5%) have retraced the most. It’s worth noting, though, that AVAX went on to mark yet another all-time high yesterday after an 800% surge in two months.

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

REN (23%) has increased the most since yesterday, followed by NEAR Protocol (15%), THORChain (13%), Tezos (12%), and Harmony (10%).

The cryptocurrency market cap has added around $20 billion in a day and currently sits at $2 trillion.


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