Credit: Original article published by CryptoPotato.

Following a few days of gradual increases, bitcoin has slowed down and dipped to around $54,000. Apart from Ethereum, which painted yet another all-time high hours ago, and DOGE, most other alternative coins have also declined slightly on a 24-hour scale.

Bitcoin Neared $56K But Failed

The primary cryptocurrency reacted well a few days ago when it plummeted to its lowest price tag in almost two months at $47,000. In the following hours, the asset regained more than $6,000 of value.

The trend continued upwards to a new weekly high painted earlier today at just shy of $56,000. However, bitcoin failed to keep marching on north as the bears took control. In a matter of minutes, BTC lost nearly $2,000 and dipped below $54,000 briefly.

The latest price decline has threatened BTC’s market capitalization of falling below the coveted $1 trillion mark again.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH’s Latest ATH and MATIC’s 20% Surge

The alternative coins enjoyed the past few days with impressive price performances. Ethereum doubled down, as reported earlier today, and the second-largest cryptocurrency went on to register a new record of just above $2,700. Nevertheless, ETH has also retraced since then and is down below $2,600.

Binance Coin jumped to a new weekly high of over $570 yesterday but has calmed to approximately $550 now. DOGE is the best top-ten performer with a notable 10% surge. As a result, the meme coin, believed by some that it’s in a bubble state, trades above $0.30.

Polygon, formerly known as Matic, has managed to surge to a new all-time high at almost $0.9 following an impressive daily surge.

The rest of the larger cap alts have either stalled or retraced on a 24-hour scale – Ripple (-7%), Cardano (-0.5%), Polkadot (-4%), Uniswap (-4.5%), Litecoin (-1%), Chainlink (-2%).

Cryptocurrency Market Overview. Source: Quantify Crypto

Aside from a 20% surge for Polygon, most other lower- and mid-cap altcoins have also gone into negative territory since yesterday. Those include Dent (-19%), Terra (-13%), Horizen (-13%), Waves (-12%), Compound (-12%), Qtum (-10%), Siacoin (-10%), and Harmony (-10%).

Ultimately, the cumulative market cap has decreased slightly in a day, but it still hovers over $2 trillion.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency



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