Following yesterday’s sudden price pump to above $48,000, bitcoin headed straight south and dipped below $46,000 hours later. The altcoins are also in the red, with over $60 billion gone from the cryptocurrency market cap.
Bitcoin Dipped $2.5K on New Year’s Eve
After failing to overcome $52,000 earlier this week, bitcoin had dumped by more than $5,000 in days, as CryptoPotato reported recently. Consequently, the asset struggled below $47,000 for a few straight days.
The situation changed somewhat rapidly yesterday when the cryptocurrency initiated a sudden price pump that drove it north by more than $1,500. As a result, it jumped above $48,500.
However, it failed to continue on its upward trajectory, just the opposite. The bears came to play and pushed the asset south by more than $2,500. Thus, BTC dropped below $46,000, which became the lowest price point in over ten days.
Despite recovering over $1,000 since then, bitcoin’s market capitalization has declined to below $900 billion.
Alts Retrace: Avalanche in Green
The alternative coins charted impressive gains yesterday. Ethereum finally bounced off from its recent price slides and exceeded $3,800. Now, though, a 2.3% decline on a daily scale has driven the second-largest asset to around $100 lower than that.
More losses are evident from Binance Coin (-2%), Solana (-2.5%), Cardano (-3.5%), Ripple (-1.5%), Terra (-1.5%), Polkadot (-3%), Dogecoin (-2%), and Shiba Inu (-2.3%).
Avalanche is the only exception from the larger-cap altcoins. AVAX has increased by more than 3% in a day and trades at approximately $110.
Further declines come from SushiSwap (-9%), Uniswap (-7%), IOTA (-7%), Algorand (-6%), Gnosis (-6%), NEAR Protocol (-6%), and more.
The cumulative market cap of all crypto assets has decreased by over $60 billion since yesterday’s peak to just over $2.2 trillion.
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Cryptocurrency charts by TradingView.