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Friday, March 1, 2024

Bitcoin Slips Below $43K But These Alts Retrace Harder (Market Watch)

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After a few days of registering impressive gains and nearing $44,000, BTC has reversed its trajectory and currently stands below $43,000.

Quite a few altcoins have dropped even more within the same timeframe, with AVAX, XRP, and ADA standing out as the most substantial losers.

BTC Falls Below $43K

Bitcoin’s most evident post-ETF retracement came last Tuesday when the asset slumped to $38,500. At this point, though, the bulls finally came out to play and pushed it north. As a result, BTC had bounced off to $40,000 by Friday.

More gains came late on Friday and during the weekend. Specifically, the cryptocurrency jumped to $42,000 and later to $42,700 on Sunday. After a minor retracement on Monday, the asset went on the offensive once again later that day and spiked above $43,000.

The bulls kept the pressure on and Bitcoin neared $44,000 for the first time since the ETF approvals a few weeks ago yesterday. However, it failed there, and the subsequent rejection has pushed it back down to under $43,000 as of now.

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Consequently, BTC’s market cap is at $840 billion, while its dominance over the altcoins stands tall at 51% on CMC.

BTCUSD. Source: TradingView

Alts Turn Red

Most alternative coins charted impressive gains within the past few days, but the landscape is quite different now. Avalanche leads the adverse trend with a 6% daily decline. As a result, AVAX now sits below $35. More losses come from the likes of Cardano, Ripple, Polkadot, ICP, and Bitcoin Cash.

Solana, Binance Coin, Dogecoin, and Toncoin are also in the red, albeit in a less painful fashion.

Ethereum, Tron, and Polygon have painted insignificant gains, while LINK has jumped the most from the top 20 alts. LINK is up by 4% and sits above $15.

The total crypto market cap is down by around $20 billion within the past 24 hours and is under $1.650 trillion on CMC now.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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