BTC Slides Back To $48K While Ethereum Nears $4K: Analysis

BTC slides back to $48K as the crypto market can get out of the woods just yet and ethereum neared the $4K price point so let’s read more today in our latest altcoin news.

Following another attempt to reclaim the $50K price point, BTC slides back to $48K with the entire altcoin space being in the red as well. Ethereum got close to breaking below $4000 and other substantial losses from Cardano, Polkadot, Terra, Solana, and more. The main cryptocurrency has seen better days as it traded near $58,000 last week when it dropped by $16,000 in a few hours on Sunday morning. Despite the initial success to recover some ground as it got near the $50,000 a day later, it had a hard time since.

The main cryptocurrency had some success in recovering some ground as it neared the $50,000 price range but it mostly struggled since then and the bull’s biggest leg up resulted in reaching $52,000 but the bears didn’t allow any more increases. They pushed the crypto south by a few thousand dollars and BTC remained below $50K while over the past 24 hours, BTC challenge the same price level but to no avail. The rejection drove it to just over $47,000 a few hours ago and as of now, BTC reclaimed some ground and stands above the $48,000 price range but with a market cap of around $900 billion.

Ethereum went through a roller coaster the past few days as it traded nearly $4700 a week ago when the market-wide crash drove it south to $3500 and then bounced off after succeeding the $4400 price range a few days later. However, the negative sentiment on the markets returned and pushed dETH to around $4000, and now it stands near that line. The rest of the larger-cap altcoins are in a similar position. Binance coin dropped by 3%, Ripple also dropped by 2% and took the retracement quite well. Solana dropped by 6%, Cardano dropped by 5.5%, Terra dropped by 8.5%, DOGE dropped by 5%, DOT dropped by 7%, CRO dropped by 7%, MATIC by 9.5% as it lost the most value in a day.
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The top gainer of yesterday on the crypto market was WAX which declined the most with a 16.5% drop that drove the coin to $0.5. more losses were seen from Tezos as it dropped by 13%, Qtum by 10%, Decentraland by 10%, and OKB by 11%. the entire market cap is down by $150 billion since a day ago to $2.250 trillion.