Bitcoin Slides to $54K as MATIC Explodes 22% Daily to New ATH (Market Watch)

Following a few days of gradual increases, bitcoin has slowed down and dipped to around $54,000. Apart from Ethereum, which painted yet another all-time high hours ago, and DOGE, most other alternative coins have also declined slightly on a 24-hour scale.

Bitcoin Neared $56K But Failed

The primary cryptocurrency reacted well a few days ago when it plummeted to its lowest price tag in almost two months at $47,000. In the following hours, the asset regained more than $6,000 of value.

The trend continued upwards to a new weekly high painted earlier today at just shy of $56,000. However, bitcoin failed to keep marching on north as the bears took control. In a matter of minutes, BTC lost nearly $2,000 and dipped below $54,000 briefly.

The latest price decline has threatened BTC’s market capitalization of falling below the coveted $1 trillion mark again.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH’s Latest ATH and MATIC’s 20% Surge

The alternative coins enjoyed the past few days with impressive price performances. Ethereum doubled down, as reported earlier today, and the second-largest cryptocurrency went on to register a new record of just above $2,700. Nevertheless, ETH has also retraced since then and is down below $2,600.

Binance Coin jumped to a new weekly high of over $570 yesterday but has calmed to approximately $550 now. DOGE is the best top-ten performer with a notable 10% surge. As a result, the meme coin, believed by some that it’s in a bubble state, trades above $0.30.

Polygon, formerly known as Matic, has managed to surge to a new all-time high at almost $0.9 following an impressive daily surge.

The rest of the larger cap alts have either stalled or retraced on a 24-hour scale – Ripple (-7%), Cardano (-0.5%), Polkadot (-4%), Uniswap (-4.5%), Litecoin (-1%), Chainlink (-2%).

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Aside from a 20% surge for Polygon, most other lower- and mid-cap altcoins have also gone into negative territory since yesterday. Those include Dent (-19%), Terra (-13%), Horizen (-13%), Waves (-12%), Compound (-12%), Qtum (-10%), Siacoin (-10%), and Harmony (-10%).

Ultimately, the cumulative market cap has decreased slightly in a day, but it still hovers over $2 trillion.

Leave a Reply