Bitcoin Calm at $48K as Solana Drops 10% (Market Watch)

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After tapping a new 10-day high yesterday, bitcoin has calmed around the $48,000 mark. Apart from Avax, most alternative coins have charted losses in a day, including a massive 10% slump for the high-flyer Solana.

Bitcoin Stalls Around $48K

The past several days were going well for the primary cryptocurrency, which went up and down by a few thousand dollars on Monday. After it bottomed at $43,300, though, the bulls regained control over the market and started to push the asset north gradually.

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As such, bitcoin started reclaiming some lost ground and jumped to above $48,000, as reported yesterday. Furthermore, it kept climbing and reached an intraday high of $48,500.

This became the highest price line since last week’s massive crash, in which the cryptocurrency plummeted by $10,000 in a day.

Following this multi-day peak, BTC has retraced slightly and even dropped to $47,000 earlier today. As of now, though, it has recovered nearly $1,000 and stands just shy of $48,000 once more.

Bitcoin’s market capitalization stands around $900 billion, and its dominance over the alts is over 41.5%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

AVAX New ATH as SOL Drops 10%

The alternative coins’ performance has been rather identical to that of bitcoin in the past 24 hours. Ethereum, which had jumped to $3,650 yesterday, is down by more than 2% to $3,530.

Cardano, Binance Coin, Ripple, and Terra have dropped by a similar percentage. As a result, ADA sits at $2.4, BNB at $420, XRP below $1.1, and LUNA is at $36.

Chainlink and Uniswap are well in red, but Solana has lost the most value in a day. SOL has dumped by nearly 10% to below $145.

In contrast, Avalanche skyrocketed to a new all-time high just hours ago. Polkadot and Dogecoin have also marked some gains.

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

From the lower- and mid-cap altcoins, Shiba Inu and Audius stand out as the most significant gainers after increasing by 32% and 25%, respectively.

On the other hand, ICON (-11%), Perpetual Protocol (-11%), Synthetix (-9%), and Revain (-9%) have charted massive drops. As such, the crypto market cap has retraced slightly, but it’s still above $2.150 trillion.


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