Bitcoin Fails to Overcome $44K and Drops
Bitcoin experienced a slight rollercoaster ride as it was unable to surpass the $44,000 mark and subsequently dropped by almost $2,000 in a matter of hours. This resulted in most larger-cap altcoins also being in the red today, with ADA, LINK, BNB, MATIC, and BCH experiencing the most retracement.
BTC Settles Below $43K
Over the weekend, Bitcoin remained within a tight range between $43,000 and $44,000 after failing to stay above the latter. However, at the start of the business week, BTC fell to $42,500 before experiencing another sharp dive to $41,600. Bulls then stepped in and pushed the price up by more than $2,000 within a day. Despite this surge, Bitcoin couldn’t overcome its resistance and dropped back down to $42,200. Currently, it has regained some ground but remains below $43,000 with a market capitalization of $835 billion.
SOL Defies Market Movements
While most alternative coins saw impressive gains yesterday, SOL performed poorly. However, today is a different story as SOL has rebounded by 5% and is now close to $110. On the other hand, other larger-cap altcoins like ETH, XRP, DOGE, DOT, Cardano, BNB itself, MATIC, LINK, and BCH are experiencing losses ranging from 4-5%. The total crypto market cap has also decreased by around $15 billion in a day and currently stands at $1.670 trillion.
Hot Take: Crypto Market Volatility Continues
The crypto market continues to exhibit volatility as Bitcoin struggles to surpass key resistance levels. Despite brief surges, BTC has failed to maintain its momentum and has faced significant drops. This has also affected larger-cap altcoins, with many experiencing retracement. However, SOL has defied market movements and managed to rebound. The overall crypto market cap has seen a decline, indicating the cautious sentiment among investors. It remains to be seen how the market will respond in the coming days as Bitcoin attempts to regain its footing.
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