Bitcoin’s price increases continued in the early hours of the Asian trading session, and the asset neared $49,000 for the first time since the ETF approvals a month ago but was stopped there.
Most altcoins have also turned red following days of price increases, and the total market cap has retraced by about $30 billion since the peak early this morning.
BTC Failed at $49K
Bitcoin started last week at a highly stagnant point, with its price trading sideways at $43,000 for several consecutive days. This trend finally started to break on Wednesday evening and on Thursday especially.
The bulls stepped up on the gas at that point as BTC neared $45,000 and kept climbing on Friday. This time, the cryptocurrency jumped to over $48,000 for the first time in about a month.
After a minor retracement on Saturday morning, Bitcoin began another leg-up that resulted in tapping $48,500 on Sunday. As mentioned above, the asset jumped even higher on Monday morning to $48,800.
As the community was expecting a crack at $49,000, the landscape changed. BTC was rejected at that point and has lost almost a grand, currently trading at around $48,000. Its market cap has slipped to $940 billion, while its dominance over the alts has increased to 52.5%.
BTCUSD. Source: TradingView Alts Retrace
Most altcoins were charting impressive gains as well in the past few days and now, perhaps expectedly, have started to retrace slightly. Ethereum and Binance Coin have declined by about 2%, and ETH is below $2,500 now, while BNB is down to $315.
Further losses come from the likes of SOL, XRP, ADA, AVAX, DOGE, DOT, and MATIC – all of which are down by 3-5%.
The landscape is different on a weekly scale, though. DYM, BEAM, KAS, and IMX lead the way with double-digit gains of up to 72% in the case of DYM.
The total crypto market cap is down by $30 billion since the peak earlier today.
Cryptocurrency Market Overview. Source: Quantify Crypto
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