Bitcoin Maintains $28K But These Altcoins Keep Losing Value (Market Watch)

Bitcoin Maintains K But These Altcoins Keep Losing Value (Market Watch)


Bitcoin’s attempt to overcome the $29,000 level yesterday saw no success, and the asset has lost some ground but still stands above $28,000.

The altcoins have turned red on a daily scale now. The only exceptions from the larger ones are LEO, UNI, and MNT.

BTC Fails at $29K

The start of the business week was quite positive for the primary cryptocurrency, which pumped by around a grand on Monday morning after a sluggish weekend. Furthermore, one of the most notable price pumps in months came later that day amid false reports claiming that the US SEC had finally approved a spot Bitcoin ETF.

The asset reacted with an instant $2,000 surge that drove it to a 2-month peak at around $30,000. As the reports were denied, though, BTC started losing value just as rapidly and went back down to $28,000.

The bulls tried to initiate a few more price pumps the following days, which culminated in another challenge of $29,000 yesterday. However, the cryptocurrency failed to overcome that level and has lost several hundred dollars since then.

As of now, BTC trades just inches above $28,000, but its market capitalization has remained north of $550 billion. Its dominance over the altcoins is still riding high at over 51% on CMC.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts in Red

Most alternative coins mimicked BTC’s pump and dump following the fake reports but are now trading in the red.

Ethereum went to almost $1,700 but struggles to remain above $1,550 as of now, following another 1.3% daily drop. Binance Coin has declined by a similar percentage to $210.

Ripple, Cardano, Toncoin, Polygon, Polkadot, Litecoin, Shiba Inu, and AVAX have dropped by around 2% in a day.

LEO, UNI, and MNT are among the few exceptions, with minor increases over the past 24 hours.

Overall, the total crypto market cap has lost some steam and sits around $1.080 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.


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