Most of the cryptocurrency market is in the red today with substantial price losses from Ripple, Avalanche, and Polygon. Bitcoin struggles at $42K.
After failing to overcome $43,000 on a few occasions since yesterday, bitcoin continues to struggle around its January 2021 ATH at $42,000.
The alternative coins are also in the red today, with some more notable price dips from Ripple, Avalanche, and MATIC.
Back on February 10th, bitcoin initiated an impressive leg up that resulted in charting a new five-week high of just under $46,000.
This came after the enhanced volatility caused by the US inflation rate news, which saw a new 40-year peak of 7.5%.
However, while the bulls were preparing for another offensive, the bears came to play and turned the trajectory upside down.
In a matter of hours, BTC dropped by about $3,000.
The cryptocurrency bounced off and tapped $44,000 but turned out to be a false breakout.
Trending
Ethereum's Average And Median Transaction Fee Slip, Lowest In Six Months!
FBI Warns Against Rising Crypto Romance Scams During Valentine's Week!
YouTube Sees ‘Incredible Potential’ NFT Video Sales Despite Backlash Threat!
BTC went straight south again and dipped below $42,000 for the first time in a week.
As of now, the asset stands just over that line, which is where the 50-MA is situated.
Its market capitalization stands at around $800 billion as a result.
The alternative coins registered significant gains last week, but most are in the red today.
Ethereum traded above $3,200 on Thursday, but it’s down below $2,900 as of now, following another 2% decline since yesterday.
Binance Coin has lost a similar percentage and struggles beneath $400.
Ripple, which was the most significant gainer yesterday, has lost more than 5% and is now below $0.8.
Cardano, Solana, Terra, Polkadot, Avalanche, CRO, and MATIC have also seen some losses on a daily scale.
Further price declines come from Helium (-12%), Oasis Network (-11%), Quant (-9%), Flow (-8%) are others.
The cryptocurrency market capitalization is down by around $40 billion in a day and over $100 billion since Friday to under $1.9 trillion. -Cointelegraph.com
