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Thursday, April 18, 2024

BSV Skyrockets 110% Weekly and Taps $100, BTC Struggles Below $42K (Weekend Watch)

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Bitcoin failed at $43,000 yesterday, and the subsequent rejection pushed the asset hard south to a 12-day low of under $41,400.

Most larger-cap alts have also retraced on a daily scale, with SOL and AVAX losing the most (around 6% each).

BTC Stopped at $43K

Ever since last weekend, when BTC failed to decisively overcome $44,000, the asset has struggled to maintain its momentum. It started losing value at the start of the business week, which resulted in a price drop to $41,600 on Tuesday.

The bulls came out of hiding at this point and propelled an impressive leg up that pushed the asset to just under $44,000 a day later. However, this move was short-lived, and BTC quickly retraced by over a grand.

Friday saw another push that brought bitcoin to just over $43,000. Yet, the scenario repeated, and the bears drove the cryptocurrency down to $41,300 for the first time since December 18. As of now, BTC trades a few hundred dollars above that level, but its market cap has slipped to $815 billion.

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Its dominance over the alts has taken a breather, but it is still below 50% on CMC after losing more than 1% in days recently.

BTCUSD. Source: TradingView

BSV Outperformers Everyone

Most of the larger-cap alts have mimicked BTC’s performance over the past 24 hours and have turned red. Some of the most losses come from Solana and Avalanche as both assets have dumped by 7-9% today.

Polkadot (-5.5%), Polygon (-6%), and Chainlink (-6%) follow suit. Ethereum, Binance Coin, Ripple, Cardano, Dogecoin, and Tron are also in the red, albeit in a more modest fashion.

Toncoin, Bitcoin Cash, ICP, and LDO are the only exceptions from the top 36 alts with impressive gains today.

Bitcoin Satoshi Vision (BSV) stands out as the top performer on a daily and weekly scale, with pumps of 20% and 110%, respectively. As a result, the Craig Wright BTC version has soared to a multi-month peak of $100 as of now.

The total crypto market cap, though, has seen $40 billion gone overnight and is down to $1.630T on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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