Bitcoin failed to conquer $44,000 and subsequent rejection took it south for $2,000. Most altcoins are also in the red today, with Dogecoin among the few exceptions. DOGE jumped double digits after the Tesla news.
Bitcoin rejected at $44.5K
After the latest price drop on Monday, in which the leading cryptocurrency dipped below $40,000 for the first time in almost four months, the asset started to recover value rather quickly. It jumped to $42,000 before another rally took it to $44,000 on Wednesday as the US announced its highest rate of inflation in 40 years.
After a brief pullback, BTC returned to the offensive and rose yesterday to a weekly high of $44,500. However, this is where the situation changed as the bears started playing hardball.
Instead of heading further north, bitcoin dumped by more than $2,000 in hours. As of now, BTC has reclaimed a few hundred dollars but is still down around 3% on the day.
As a result, its market cap has shrunk to just over $800 billion.
Alts Retrace: Doge explodes
Altcoins have mimicked BTC's performance lately, with notable gains in the last two days. However, the picture is quite different today.
Ethereum was close to $3,400 yesterday, but a 3% drop has brought the second largest cryptocurrency to just under $3,300.
Binance Coin, Solana, Cardano, Ripple, Polkadot, Terra, Avalanche, Shiba Inu, and MATIC are also in the red today.
In contrast, Dogecoin is up by double-digit percentages. This is a direct consequence of the positive news coming from Elon Musk's Tesla. The electric vehicle giant activated their customers used the popular memecoin to pay for their products, which caused the increase.
NEAR protocol, which closed a funding round worth $150 million yesterday, up 4% on a daily scale.
Ultimately, however, the crypto market capitalization is down $80 billion from yesterday's peak and down to just over $2 trillion.
Binance Free $100 (Exclusive): use this link to sign up and receive a free $100 and 10% off Binance Futures first month fees (terms).
PrimeXBT special offer: use this link to register and enter the code POTATO50 to get 25% off business rates.
Disclaimer: The information found on CryptoPotato is that of the cited writers. It does not represent CryptoPotato's views on whether to buy, sell or hold investments. You are advised to conduct your own research before making any investment decisions. Use the information provided at your own risk. See the Legal Notice for more information.
cryptocurrency charts by Trading View.
