After reaching a multi-month high of over $ 51,000, Bitcoin fell slightly and is currently around the coveted $ 50,000 mark. Most altcoins have stalled on a 24-hour scale too, with the exception of Polygon, which is up about 20% in one day.
Bitcoin stands around $ 50K
The bulls have been in control of the market since the primary cryptocurrency bounced back from its slump to $ 46,300 earlier this month. They propelled the asset to $ 50,000 and beyond, as reported yesterday.
In addition, Bitcoin surged to just over $ 51,000, which became the highest price since the mid-May correction. However, as with previous attempts to overcome this particular level, BTC was turned down and thrown at a few thousand dollars.
This resulted in a drop to about $ 49,000 hours ago. So far, however, Bitcoin has regained some ground and is currently back at just under $ 50,000.
Its market cap is just under $ 950 billion while BTC’s dominance over the alternative coins is still over 41%.
BTCUSD. Source: TradingView
Alts stop while MATIC rises
Most alternative coins have also calmed down since yesterday. Ethereum hit a high of just over $ 4,000 but was unable to move any further. A quick retracement has pushed the second largest cryptocurrency below $ 3,900.
Further declines come from Cardano (-2%), Ripple (-2.5%), Solana (-5%) and Polkadot (-3%).
On the other hand, Binance Coin, Dogecoin, Uniswap and Litecoin are slightly in the green.
Polygon is the biggest winner among the larger capitalization altcoins. MATIC is up nearly 20% to about $ 1.75 in one day.
Overview of the cryptocurrency market. Source: Quantify Crypto
Quant’s performance has trumped the rest of the top 100 coins. QNT is up 27% and is nearing $ 250. IOTA (16%), Axie Infinity (15%), Filecoin (12%) and Siacoin (10%).
As a result, the cumulative market capitalization of all crypto assets has also remained pretty stable, at just under $ 2.3 trillion.
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TradingView’s cryptocurrency charts.