Fantom Token Increased By 17% As Bitcoin Retraces To $48K

The Fantom token increased by 17% as Bitcoin retraced to $48K with the rest of the coins surging considerably so let’s take a closer look at today’s price analysis in our altcoin news.

The psychological and technical resistance at $50,000 proved to be too tough for BTC to overcome this level so now the cryptocurrency is retracing towards $48K but most of the altcoins are unfazed and are charting new highs. Bitcoin’s price yesterday was on a path to $50K and even reached $49,600 but was unable to continue higher so the price is rather different today. At the time of writing, BTC is trading at $48,350 and it is down by 1.8% in the past day.

So far, the $48K levels seem to be holding up well but it is also worth noting that the total market cap hasn’t really decreased so much. It is down by $5 billion in the past day which only shows that altcoins are making up for the difference. The rest of the market is in the green but there are some coins that failed to stand their ground. Ethereum for example failed to stay afloat above the $4K price level and got down by 2.5% and reach $3900. AVAX is also down about 3% and so is SOLANA. On the other hand, NEAR Protocol surged by a stunning 33% and made a new high at $13.35. Fantom token increased and it is also up by 17% and it is trading near $1.8.

These two are the biggest winners in terms of the 24-hour ROI followed by Aave with a 14.2% increase and Sushi with 13.2%. On the other hand, the BCHA continues to drop and it is once again the coin that lost the most during the past day. It got down by 11% and it is trading at $77. LUNA did drop slightly but still remains 40% up from last week.

As recently reported, Bitcoin’s market confidence drops as the retail sentiment broke a 30-day low which only confirms the fact. Santiment added that the drop in Bitcoin’s market confidence could be actually a good thing because these drops prompt an upward momentum. The number one cryptocurrency was ranging between $46K and $50K even since it gained momentum and dropped to $42,000.