Market Watch Analysis Shows Bitcoin Dipping Below $47,000

The market watch analysis shows that bitcoin dipped below $47,000 today while Polkadot increased by 5% in one day so let’s take a closer look at today’s Bitcoin news.

Yesterday’s inflation news from the US pushed BTC to $50,000 again but then Bitcoin dipped by $3000 so it is now hovering near $47,000. Most altcoins are in the red as well on a daily scale as ETH dropped to $4000. The past few days didn’t go well for the main cryptocurrency and tried to recover from the past week’s crash and challenged the $50,000 mark on a few occasions but that wasn’t helpful. Being unable to break above, the cryptocurrency hovered near $47,500 when the US Bureau of Labor Statistics revealed the highest inflation number in 40 years set at 6.8%.

This had an immediate effect on the BTC price that jumped a few thousand dollars and reached $50,000. As it happened with other attempts, the asset was not able to pass by and the rejection drove it south by about $3000. after dumping below the $47,000 level, BTC bounced off well and now sits above $48,000 with the market cap being north of $900 billion. The second-biggest digital asset went higher than $4400 a few days ago but the negative sentiment brought it to $4000 and as of now, ETH stands above the line. Binance coin traded north of $600 and then dropped another 4% which pushed it to $550. Solana dropped by 3%, Avalanche by 3%, Cardano by 2%, Shiba Inu by 1.5%, and Terra which was among the best performers is down by 8% and sits over $60.

DOGE and Ripple are also in the red while Polkadot jumped by 5% and now sits at $28. The crypto market cap dropped below $2.3 trillion yesterday.

As previously reported in our market watch analysis, The bullish stepped up since then and as a result, BTC initiated an impressive price boost as it reclaimed $50,000 so it now stands above $51,000. This means that the asset is up by more than $4000 since a day ago. The crypto market cap recovered $200 billion in one day and neared the $1 trillion mark once more while the dominance over the altcoins reduced to over 40%. The alternative coins suffered in the crash over the weekend and yesterday. Today, however, most surged thanks to the ethereum rally which added another 10% to its price. ETH is now sitting above $4,400 while it was set at $3,500 on Saturday.