Yesterday’s sudden price rise to $48,000 saw bitcoin head south, and it fell below $46,000 hours later. Altcoins are also in red with more than $60 billion taken from the cryptocurrency market capital.
Bitcoin dropped $2.5K on New Years Eve
As CryptoPotato recently reported, bitcoin had dropped by $5,000 in just a few days after failing to surpass $52,000 earlier in the week. The asset fell below $47,000 for several days straight.
Yesterday, the situation quickly changed when cryptocurrency launched a sudden price boost that drove it up by more than $1500. It soared to $48,500.
It didn’t continue its upward trend, but the exact opposite. The bears came in and drove the asset down by $2,500. BTC fell below $46,000, the lowest price in more than ten days.
Bitcoin’s market capitalization is now below $900 billion, despite recovering more than $1,000 since then.
BTCUSD. Source: TradingView
lts Retrace Avalanche In Green
Yesterday saw impressive gains for alternative coins. Ethereum recovered from recent price declines and surpassed $3,800. The second-largest asset has seen a decline of 2.3% per day, which is around $100 less than it was before.
Binance Coin (-2%) and Solana (2.5%), Cardano (3.5%), Ripple (1.5%), Terra (1.5%), Polkadot (3.3%), Dogecoin (2.2%), Shiba Inu (3.3%), are some of the more notable losses.
Avalanche is the exception to the rule among the larger-cap altcoins. AVAX has risen by more than 33% in one day, and trades at $110.
SushiSwap (-9%), Uniswap (7%) and IOTA (-7%) are further declines. Algorand (6%) and Gnosis (-6%) were also affected. NEAR Protocol (-6%) was another example.
Since yesterday’s peak, the cumulative market cap for all crypto assets has fallen by more than $60 billion to just over $2.2 Trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
Marla Brooks – Financial Analysis
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