After a few days of charting gains, bitcoin was rejected at $45,000 and slipped from around $2,000. Most altcoins are also back today, with Cosmos being one of the very few exceptions.
BTC $45K . stayed on
After last week’s roller-coaster, when Russia invaded Ukraine, bitcoin began to gain value and knocked on the door to $40,000. While it was previously held there, the asset broke through that door on February 28 and continued to climb towards the weekly high.
This resulted in close to $45,000 in early March. In fact, BTC touched that level twice in the past two days but failed to break above it successfully.
Fresh rejection came yesterday. Bitcoin briefly surpassed that level and marked a new 3-week high, but the bears stepped up and pushed it south from $2,000 to $43,000. It tried to gain some ground in the later hours but is still a few hundred dollars above intraday bottoms so far.
Nevertheless, a weekly higher than 20% means the asset has a market capitalization of over $800 billion.
ATOM jumps as alts retrace
Alternative coins went through similar denomination dumps and pumps after Russia’s “Special Military Operations” began. Most were at yesterday’s monthly highs but have retreated slightly today.
Ethereum briefly surpassed $3,000, but failed to hold that level and fell nearly 3% to $2,900. Binance Coin, Ripple, LUNA, Solana, Cardano, Avalanche, Polkadot, Dogecoin, Shiba Inu, MATIC, and CRO are also in the red from large-cap alts.
The universe is one of the few exceptions. ATOM is up more than 5% in a day and is now above $30. The most important advantages are the Anchor Protocol and OKB. ANC is up about 25% in a day and trades near $5, while OKB is up 10% and sits at $20.
The crypto market cap is roughly below $30 billion, but it is over $1.9 trillion.
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Cryptocurrency charts by TradingView.