BTC Calms Around $35K as ETH Slides to $2.2K
Bitcoin hoovers near $35K but with increased dangers as most altcoins extend their gradual losses.
After struggling for multiple days to develop its value, BTC has settled just above $35K. On the other hand, most altcoins continue registering losses, Ethereum slide to $2.2K once more as XRP drops by over 5% over the past day.
BTC Hovers above $35K
Bitcoin has had an impressive run over the last week, spiking to over $40K to claim a high of $41.4K on Tuesday, the best in 26 days. While the crypto community prepared to take the leading coin past $50,000, bears stormed the market, and Bitcoin value started declining.
However, most digital coins plummeted gradually, some declining with double digits. With that, Bitcoin lost over $6,000 to trade below $35,000.
However, the favorite virtual asset managed to reclaim to trade some hundred dollars over that particular line. Although Bitcoin might seem calm and stagnant at the moment, the level is not without its daggers.
According to technical indicators, the death cross transpired as history suggests an increased bearish outlook. The market also experienced FUD from various angles. For instance, sources indicate that UK banks plan to suspend businesses with Binance and Kraken, the two crypto giants in the regions.
Alts Continue to Struggle
Altcoins have had worse performance over the past few days compared to BTC. ETH rose high, reaching over $2,600 on Tuesday. However, the best altcoin dipped by more than $400 afterward, trading near $2,200 for now.
Binance coin also declined considerably, sitting under $340 when writing this. The most larger-capitalization altcoins experienced similar situations.
According to the 24-hour scale, XRP lost 5% to trade at $0.75. Other altcoins that trade in red zone are ADA (-1.5%), DOGE (-3%), DOT (-4%), BCH (-2%) and LTC (-2.5%).
Besides Amp that increased by 20% over the past day to value near $0.1, most mid- and lower-capitalization altcoins bled.
Quant was the main loser after an 8% drop. Others that follow suit are Theta Fuel, 7% decline, Hedera Hashgraph, 7% plummet, THORChain, 6% drop, Celsius, 5% dip, and Qtum with 5% decrease.
With the current crypto conditions, the overall market cap remains beneath $1.5 trillion.
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