The $50,000 resistance has proven very tough for Bitcoin to overcome for quite some time now. The cryptocurrency is deemed to retrace to $48K, but there are many altcoins which have been completely unaffected and are moving to the new highs and some of them even their all-time-highs.
Bitcoin Crawls Back to $48K Price Mark
Just yesterday, Bitcoin’s value was on its track to $50K by just peaking at $49,600 and was unable to go any higher than that. However, the picture is rather very different today.
At the time of this writing, bitcoin is trading at $48,350, down 1.8% in the past 24 hours.
So far, the $48K price mark seems to be the default price mark for BTC. It’s also worth noting that the total market capitalization hasn’t decreased that much. It’s down some $5 billion in the past day, which signifies that altcoins are making up to their neutral values.
Few Altcoins Are Showing Even Higher Confidence
The rest of the market is colored in both green and red as some altcoins have gained serious gains while others failed to stand their ground.
On the other hand, the second popular cryptocurrency—Ethereum, has also failed to stay above $4K and is down 2.5% staying at $3,900. AVAX is also down about 3%, and so is Solana (SOL).
Though, the NEAR Protocol has risen by 33% and painted a new all-time high at $13.35. Fantom’s FTM is also up 17%, and it trades at around $1.8.
According to a source, “Overall, these are the two biggest winners in terms of 24-hour ROI, followed by Aave with 14.2%, Sushi with 13.2%, and SPELL with 9.5%.”
BCHA also keeps declining and is once again the coin that lost the most during the past day. It’s down 11.3%, trading at $77. LUNA is own 9.9% compared to 24 hours ago but remains 40% up since the last week.