Bitcoin’s Price Fails to Break $49K
Bitcoin’s price has been steadily increasing, reaching close to $49,000 for the first time since ETF approvals a month ago. However, the asset was unable to break through this resistance level and has since retraced.
Last week, Bitcoin was trading sideways at around $43,000. On Wednesday and Thursday, the price started to break out of this stagnant period and began climbing. By Friday, it had surpassed $48,000 for the first time in a month. On Sunday, it reached $48,500 before attempting to break $49,000 on Monday.
Unfortunately, Bitcoin was rejected at $49,000 and has since dropped back to around $48,000. Its market cap stands at $940 billion, with a dominance over altcoins of 52.5%.
Altcoins Experience Retracement
Following days of price increases, most altcoins have also started to retrace. Ethereum and Binance Coin have declined by about 2%, with ETH now below $2,500 and BNB down to $315.
Other altcoins such as SOL, XRP, ADA, AVAX, DOGE, DOT, and MATIC are down by 3-5%. However, on a weekly scale, some coins like DYM, BEAM, KAS, and IMX have seen double-digit gains of up to 72% for DYM.
The total crypto market cap has retraced by approximately $30 billion since reaching its peak earlier today.
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