Bitcoin Stable at $37K: ETH Crashed 15% Against Bitcoin in Less Than 2-Days (Market Watch)

Bitcoin Stable at $37K: ETH Crashed 15% Against Bitcoin in Less Than 2-Days (Market Watch)

Bitcoin continued with recovering the most recent losses and ever went further to a six-day high at $38,500 before calming down. Most altcoins, though, have failed to produce any gains, and BTC’s market dominance has jumped to 44%.

Bitcoin Tapped 6-Day High

After bottoming at $31,000 on Tuesday, the primary cryptocurrency started to reclaim its lost ground gradually. It spiked by around $3,000 on Wednesday, added another sizeable chunk on Thursday, and kept climbing higher in the past 24 hours.

As a result, BTC spiked to $38,500 hours ago. This became the asset’s highest price tag since June 6th. It came amid reports suggesting that India may have a change of heart on the cryptocurrency industry and could classify BTC as an asset class.

However, as it happened during the previous breakout attempts, the bears took control at that point. Bitcoin dropped by a few thousand dollars to below $36,000. Nevertheless, the situation has reversed since then, and BTC currently stands above $37,000 once again.

As such, the cryptocurrency’s market cap is just a few billion away from reclaiming $700 billion. Furthermore, its market dominance is back at 44%, as most alternative coins have stalled or retraced in the past 24 hours.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Red Among the Alts

As mentioned above, most alternative coins have lost some value in the past 24 hours. Ethereum, which spiked above $2,600 yesterday, is down well below $2,500 after a 4% slump. Moreover, ETH has lost a considerable amount of value against BTC as its down by about 15% in a few days.

Binance Coin was also riding high by touching $380. However, BNB is down by 3% on a 24-hour scale to just over $350. The situation with Cardano, Dogecoin, Ripple, Polkadot, Uniswap, and Bitcoin Cash is somewhat similar.

ADA is down by 4% to $1.5, DOGE (-3.5%) struggles at $0.32, XRP (-2.5%) is below $0.9, DOT (-5%) is beneath $23, UNI (-6%) is at $23, and BCH (-2%) is just over $600.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

The lower- and mid-cap altcoins have also suffered in the past 24 hours. ICP (-15%) has lost the most, followed by Synthetix (-14%), Theta Fuel (-14%), THORChain (-13%), UMA (-12%), Solana (-10%), Fantom (-10%), and Curve DAO Token (-10%).

Ultimately, the cumulative market capitalization is down by $50 billion since yesterday’s peak to just beneath $1.6 trillion.

editorial staff

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