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Bitcoin Rejected at $49,000 After Hitting 4-Week High (Market Watch)
After hitting a nearly month-long high of over $49,000, Bitcoin has fallen by over $1,000 and is currently struggling below $48,000. Most alternative coins have also stalled today, with the exception of Algorand, Tezos and Axie Infinity. Bitcoin Fails at $49,000 Since the end of September, when BTC fell below $41,000, the asset's price has been gradually increasing. After a few hourly increases, it rose above $43,000 and then regained $47,000 within a few days. This led to $48,000 being tapped on Saturday, where it had been sitting for a while. Bitcoin short...
Bitcoin Rejected at $49,000 After Hitting 4-Week High (Market Watch)
After hitting a nearly month-long high of over $49,000, Bitcoin has fallen by over $1,000 and is currently struggling below $48,000. Most alternative coins have also stalled today, with the exception of Algorand, Tezos and Axie Infinity.
Bitcoin failed at $49,000
Since the end of September, when BTC fell below $41,000, the asset's price has been gradually increasing. After a few hourly increases, it rose above $43,000 and then regained $47,000 within a few days.
This led to $48,000 being tapped on Saturday, where it had been sitting for a while. Bitcoin briefly traced back on Sunday to $47,000, but the bulls regained control and sent them north again.
This time BTC even exceeded the $49,000 mark for the first time since the beginning of September. However, the uptrend failed to continue and the subsequent rejection resulted in a decline of over $1,500.
So far, Bitcoin has recovered somewhat but is still below $48,000. Nevertheless, its market capitalization is just over 900 billion US dollars and its dominance over alternative coins is 42.5%.
BTCUSD. TradingView
Alt's stable: XTZ sets a new record
Most altcoins have performed similarly to their leader in the last few days. Ethereum had fallen as low as $2,900, but the market rally pushed it back above $3,400 yesterday. However, a slight retracement over the last 24 hours has now pushed ETH below this level.
Cardano is one of the biggest losers among the top 10 coins, with a decline of 4%. As a result, ADA has fallen below $2.20. Binance Coin, Solana, Ripple, Polkadot, Dogecoin, Avalanche and Uniswap are also significantly in the red on a daily basis.
However, there are a few exceptions. Luna is up 4% to over $45. Algorand is up almost 15% and is currently above $2.
How reported previously, AXS hit a new all-time high after another massive double-digit rise. Tezos (XTZ) posted its own record of over $9 hours ago after a daily rise of 10%.
Overview of the cryptocurrency market. Quantify Crypto
After hitting a multi-week high of over $2.150 trillion, the cryptocurrency's market cap has also dropped by $50 billion in a day.
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