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Sunday, April 14, 2024

BTC Stalls at $44K, STX Defies Market Sentiment as Altcoins Keep Bleeding Out (Market Watch)

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Bitcoin dipped to almost $43,000 over the past 24 hours but has managed to erase most losses and currently stands close to $44,000 once again.

In contrast, most alternative coins continue to bleed out, with ADA, MATIC, UNIS, and SHIB losing more than 5% daily once again.

BTC Calms at $44K

The primary cryptocurrency faced enhanced volatility at the start of the new year, with a massive price surge to almost $46,000 on Tuesday and a violent rejection a day later that pushed it south by nearly five grand.

This all came amid ongoing reports on whether or not the US Securities and Exchange Commission will indeed approve a spot Bitcoin ETF. As most experts refuted the FUD that the agency plans to reject all current applications, BTC started to recover and jumped above $44,000 by Thursday.

However, it failed there and dipped a few more times by the end of the week. Once the weekend arrived, BTC had calmed and has since remained in a tight range between $43,250 and $44,500.

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As of now, the asset stands close to $44,000. Its market capitalization remains around $860 billion, while its dominance over the altcoins has further increased to 52.7% on CMC.

BTCUSD. Source: TradingView

Alts See Red, Not STX

Most alternative coins have charted losses today once again. Cardano, avalanche, Polygon, Uniswap, and Shiba Inu lead the adverse trend, with losses of up to 7% in the case of MATIC. Solana has slumped to $90, XRP is down to $0.55, and BNB has slipped to just under $300.

ETH, TRX, LINK, and BCH are also in the red, albeit in a less painful way. Stacks is the only top 36 altcoin with a noteworthy price increase. STX has soared by 13% and sits at $1.75.

The total crypto market cap has seen about $20 billion gone daily once again. The metric is down to $1.630 trillion on CMC. Recall that it had soared to over $1.760 trillion after the price increases last Tuesday.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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