BTC Fails to Break $43K
Bitcoin made an unsuccessful attempt to surpass the $43,000 mark and instead experienced a significant drop. However, it has since recovered most of its losses.
BTC’s Rollercoaster Week
Over the weekend, Bitcoin struggled to break through the $43,000 resistance level and traded around $42,000. At the start of the week, the cryptocurrency plummeted to $40,600 but was able to find support and bounce back to $43,500.
Unfortunately, this momentum was short-lived as Bitcoin slipped below $42,000. Currently, it has regained most of its losses and is trading close to $43,000.
INJ Surges
While some larger-cap altcoins like BNB, SOL, and AVAX have seen notable gains in the past 24 hours, others like ADA and DOGE have retraced slightly.
Binance Coin (BNB) has experienced a 5% surge following its recent settlement with US authorities. Solana (SOL) and Avalanche (AVAX) have also seen increases of 3% and 4%, respectively.
Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE), on the other hand, have all declined by 1-2% within the same timeframe.
INJ’s Impressive Performance
Injective Protocol’s native token (INJ) has been performing exceptionally well recently. It has seen a weekly surge of 75% and an 11% increase in the past 24 hours alone. Currently trading above $11, INJ stands out among the top 100 altcoins.
Total Crypto Market Cap Holds Strong
Although the total crypto market cap has retraced slightly, it remains above $1.6 trillion according to CoinMarketCap.
Hot Take: Bitcoin Recovers from Losses but Faces Resistance
Bitcoin attempted to break through the $43,000 level but faced resistance and experienced a significant drop. However, it has since recovered most of its losses and is currently trading close to $43,000. The cryptocurrency market has seen mixed performances, with some larger-cap altcoins posting gains while others retraced slightly. Injective Protocol’s native token (INJ) has been particularly impressive, with a surge of 75% in the past week. Overall, while Bitcoin’s recovery is encouraging, it remains to be seen whether it can overcome the resistance at $43,000.
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