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Thursday, December 7, 2023

Bitcoin Stopped at $28K, Toncoin Explodes 9% Daily (Market Watch)

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Bitcoin tried its hand at taking down the $28,000 mark but was quickly stopped in its tracks and has returned to $27,500.

Most altcoins are trading sideways, with ADA and SOL gaining a few percentages, while ETH and BNB have retraced slightly.

BTC Fails at $28K

Bitcoin initiated a massive leg up at the start of the week after a slow weekend that drove it from $27,000 to a multi-week peak at $28,600. As the community was anticipating the restart of the bull run, the cryptocurrency started losing value.

In a matter of a day, the asset lost just over a grand and went back below $27,500 until Thursday. That’s when another offensive arrived, and BTC soared to just over $28,000.

Nevertheless, it failed to continue upwards once again. The subsequent rejection pushed it back down by nearly a grand this time. As a result, bitcoin currently trades at around $27,500.

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Its market capitalization has lost some ground, expectedly, and is down below $540 billion on CMC. its dominance over the altcoins, on the other hand, has increased slightly to 49.6%.

BTCUSD. Source: TradingView

TON on a Roll Again

As reported yesterday, Toncoin, which was a massive gainer at the end of September, had lost its momentum with the start of the new month. However, the trending altcoin has gone back on the offensive in the past 24 hours. TON is up by approximately 9%, which has helped it reclaim the $2 mark.

Solana, Cardano, Litecoin, and Avalanche are also slightly in the green. In fact, AVAX has jumped by about 4% and now stands firmly above $10.

In contrast, ETH, BNB, XRP, and TRX have registered minor losses. Overall, though, most larger-cap alts are relatively stable on a daily scale.

Consequently, the total crypto market cap has remained still at around $1.080 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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