Bitcoin tried to win $17,000 but was held back as in previous attempts.
Most altcoins are trading with small losses today, with ETH dropping below $1,200. On the other hand, XRP stole the show with an 8% daily increase.
Bitcoin Fails Over $17K
After an unexpectedly quiet weekend in which bitcoin mostly traded around $16,500, the asset went straight south on Monday and Tuesday, falling first to $16,000 before falling to a two-year low of $15,500.
It immediately reacted to the multi-year low and recovered nearly $1,000 in the following hours. This resulted in a recovery to $16,000 and even a move towards $17,000.
However, the bears came out to play yesterday as BTC trended lower in the latest. So they made sure the asset didn’t get too close and pushed it back to $16,500 where it still trades today.
Market cap remains above $315 billion, but alt dominance is down to 38.2%.
Despite being about 75% off its all-time high last November, some on-chain analysts are warning that BTC could still move further south, at least according to UTXO.
ripple shoots up
Alternative coins have made some significant gains recently, but most of them are now in the red. Ethereum went from under $1,100 to over $1,200 in a matter of days. However, now ETH is struggling below the latter after a small daily retracement.
Binance Coin, Cardano, Polygon, Polkadot, Shiba Inu, OKB and Solana are also slightly in the red from large-cap alts. LEO is down more than 8%. Litecoin is still down 3.5% after recently hitting a six-month high.
Ripple, on the other hand, has emerged as the top performer today. XRP is up nearly 8% and has touched $40.
The cumulative market cap of all crypto assets has fallen by nearly $10 billion to less than $840 billion, with most low- and mid-cap altcoins losing small chunks of their value in the past 24 hours.
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