After rising above $42,000 yesterday, bitcoin failed to maintain that level and subsequently fell above $1,000. Barring a few exceptions, most altcoins have also suffered minor losses on a daily scale. Ethereum Classic is the most obvious example as ETC is up about 5% in one day and 50% in one week.
Bitcoin $42K . fails on
It was in the middle of last week that bitcoin started an impressive leg up from $3,000 to $42,000 that actually turned out to be a false breakout. Minutes later, BTC found itself back at $39,000.
However, a generally more positive vibe in the market pushed the asset north again, and it reclaimed $40,000 even after the US Federal Reserve confirmed its plan to raise interest rates by 25 basis points.
As the weekend came and went, bitcoin pumped up once again and tapped a 10-day high of $42,500, as reported yesterday. Nevertheless, it failed at that level and slipped to around $2,000.
At that time the bulls stepped up and took BTC to levels above $41,000, but its market capitalization is still less than $800 billion.
Altcoins Retrace While ETC Soars
Alternative coins have also posted some impressive gains over the past few days, but most are now in the red. Ethereum tried to break $3,000 but failed in its tracks, with a nearly 2% drop on the daily scale pushing ETH to $2,840 so far.
Binance Coin touched down and briefly surpassed $400, but dropped back below $390 in the following hours.
Ripple, Solana, Cardano, Polkadot, Dogecoin, Shiba Inu, CRO, Matic and ATOM are also in the red from large-cap stocks.
In contrast, only terra and avalanches are accompanied by a slight increase. However, Ethereum Classic is (once again) the most significant beneficiary. After yesterday’s massive 20% jump, ETC is now up 5% and sits near $40. On a weekly scale, the asset is up about 50%.
The crypto market cap is relatively calm and stands just shy of $1.9 trillion.
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