Bitcoin Rejected at $38,000, Dips to $37,100
Bitcoin made a failed attempt to reach $38,000 before facing a rejection that sent its price down to $37,100.
While most altcoins are in the red today, tokens related to the Terra ecosystem have seen significant price increases, some as high as 300%.
BTC’s Uncertain Future
Last week was highly volatile for BTC, with the cryptocurrency dropping below $36,000 following the Binance-DOJ settlement. However, it managed to recover and reached an 18-month peak at $38,500.
Despite the community’s hopes of reaching $40,000, bears pushed the price down, and BTC settled around $37,500 over the weekend.
Although BTC briefly dipped to a 4-day low of $37,100, it has since stabilized slightly above that level. Its dominance has increased to 51.5%, but its market cap has decreased to $730 billion.
Terra Tokens Surge While Others Retrace
Many larger-cap altcoins are currently in the red. Ethereum, Binance Coin, Ripple, Cardano, Tron, Toncoin, Avalanche, and Polkadot have all retraced by up to 2%.
Solana, Chainlink, and Polygon have experienced declines of 3-5%. Only Dogecoin and Shiba Inu have seen minor gains of around 2% among larger-cap altcoins.
The standout performers today are tokens from the Terra ecosystem. The once-struggling stablecoin has surged by 275% in the past day and 370% in the last week and is now trading at $0.06.
Terra Classic (LUNC) and Terra (LUNA) have also seen impressive increases of 50% and 32%, respectively.
However, the total crypto market cap has lost approximately $20 billion overnight and currently stands at $1.420 trillion.
Hot Take: Bitcoin’s Rejection and Terra’s Explosive Growth
Bitcoin faced a rejection at $38,000 and dropped to $37,100, indicating continued uncertainty in its price movement. While most altcoins experienced losses, tokens from the Terra ecosystem saw significant gains. The once-struggling stablecoin surged by up to 300% in some cases, showcasing its remarkable growth. This highlights the potential for explosive growth in specific sectors of the crypto market. However, it is important to note that the overall crypto market cap has decreased by $20 billion, indicating a cautious sentiment among investors. As Bitcoin continues to face resistance, it remains to be seen how the market will react in the coming days.
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