Bitcoin tried to start another rise in the last 24 hours but was stopped and has since slipped by almost a thousand to below $52,000.
Most altcoins such as SOL, AVAX, LINK and MATIC are also in retreat today, with losses of around 3-4%.
BTC slips below $52,000
The major cryptocurrency had two equally impressive consecutive weeks at the start of mid-February, gaining nearly $15,000 from bottom to top. The latter came after several days of consecutive price increases, peaking at $52,900 on February 15th. This was the highest Bitcoin price since the end of 2021.
The following days were much quieter. BTC failed to continue its rally and even crashed to $50,500 on Saturday. It managed to recoup most of its losses on Sunday and Monday and reached a high of $52,400 yesterday.
However, the bears came back and did not allow any further increases. Quite the opposite: BTC has lost some ground in the last 24 hours and is now trading well below $52,000.
Its market cap remains above $1 trillion and its dominance over altcoins has recently declined, currently sitting at 49.2% on CG.
BTCUSD. Source: TradingView
Alts see minor retracements
Ethereum has been at the forefront of the recent altcoin rally. ETH jumped above $2,900 yesterday and hit a 21-month high. However, the second largest digital asset has now lost around 1% of its value and is just below this limit.
Further losses come from companies such as Solana, Cardano, Avalanche, Chainlink, Polygon and ICP. All of these assets are down around 2-4%.
FIL is one of the few exceptions. Filecoin is up 15% over the last day and is now trading at $7.5. Arweave is also up double digits (13%) and is trading at around $15.
However, the total crypto market cap fell by $20 billion overnight, falling to $2.060 trillion at CMC.
Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts from TradingView.
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