Bitcoin tried its hand at $43,000 yesterday but was violently rejected at that point and dropped by almost $3,000 in hours. Most altcoins are also well in the red today, with Ethereum close to breaking below $3,000 and BNB sitting just north of $400.
Bitcoin Failed at $43K
Ever since the early Monday crash, in which the price of bitcoin dumped below $39,000 to mark a monthly low, the landscape around the asset seemed substantially more positive.
The cryptocurrency recovered all losses almost immediately and even spiked above $41,000 on Tuesday. A day later, it jumped to the January 2021 all-time high of $42,000, where it met some resistance but was ultimately able to overcome it as well.
As such, BTC kept climbing, and yesterday it tapped an 11-day high at just under $43,000. However, this is where the situation changed for the worse.
Instead of heading further north, bitcoin started to lose value rapidly. In a matter of hours, it lost around $3,000 and even briefly dipped beneath $40,000 (on Bitstamp).
As of now, it stands just over that level but being more than 3% down on the day means that its market capitalization has declined to approximately $775 billion.
Alts See Red
The alternative coins were also flying high in the past few days, but, similar to bitcoin, have turned red now.
Ethereum jumped to a 10-day high of its own yesterday when it was close to overcoming $3,200. However, it was rejected at that point and now struggles to remain above $3,000.
Binance Coin neared $430 at one point, but it’s also close to dropping below a round-numbered milestone ($400).
Ripple, Solana, Terra, Cardano, Avalanche, Polkadot, Dogecoin, and Shiba Inu have also retraced only a 24-hour scale.
More losses come from 0x (-18%), Kava (-11%), Zilliqa (-11%), EOS (-10%), Audius (-7%), Kusama (-7%), and others.
Ultimately, the crypto market cap dropped by $100 billion since yesterday’s peak and is now below $1.9 trillion.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.