Home Crypto Bitcoin Consolidation Continues (Market Watch)

Bitcoin Consolidation Continues (Market Watch)

After one other unstable 24 hours by which BTC went from $56,000 to above $58,000, the cryptocurrency has stalled once more round $57,500. Most larger-cap altcoins are barely within the pink, whereas gaming tokens, comparable to MANA and SAND, have produced vital positive factors.

Bitcoin Fails at $58K

It was only a few days in the past, in the course of the weekend, when the value of the first cryptocurrency took a swing at $60,000 however to no avail.

The subsequent rejection drove it south onerous. In a couple of hours, BTC noticed itself trading below $56,000 for the second time in lower than per week. This got here after a number of extremely unstable strikes.

The bulls tried to step up and pushed bitcoin upwards, which culminated in a each day excessive of $58,400 (on Bitstamp) charted yesterday.

However, BTC failed to face above that degree and has misplaced roughly one grand since then. It trades round $57,500 now, and its market capitalization is down beneath $1.1 trillion as soon as once more.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Metaverse Tokens Go Up: Meme Coins Down

CryptoPotato reported yesterday on the quickly altering tendencies within the cryptocurrency house. Memecoins, comparable to Dogecoin and Shiba Inu, have been essentially the most vital and interesting tokens prior to now few months. Now, although, they’re on a downfall when it comes to worth and person demand.

In the previous 24 hours, DOGE has misplaced 4% of worth and is near breaking beneath $0.2, whereas SHIB is beneath $0.00004. Moreover, the latter is greater than 50% down since its peak lower than a month in the past.

In distinction, a brand new mania appears to be rising – metaverse cash. As reported earlier, representatives, comparable to Decentraland and the Sandbox, have skyrocketed currently, with new all-time highs charted incessantly. MANA is up by 25% prior to now 24 hours, whereas SAND is up by 14%.

From the larger-cap alts, Binance Coin has elevated by roughly 4% to above $610. Avalanche and CRO have additionally marked minor positive factors.

In distinction, Ethereum, Cardano, Ripple, Polkadot, and Terra are within the pink, whereas Solana has dumped by 7% to only over $200.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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