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Bitcoin Struggles Below $45K: ETH Fighting for $3K (Market Watch)

ETH Trading Volume Increased More Than Bitcoin's in First Half of 2021


The past couple of days have been a bit challenging in the crypto market, with bitcoin dropping to a new multi-day low of around $44,000. While some altcoins like ETH are also in the red, others, like ADA, SOL, and LUNA, have marked substantial gains.

Bitcoin Stands Below $45K

The primary cryptocurrency’s struggles have continued in the past 24 hours. The asset had touched $48,000 just days ago, but its inability to break further north drove it down hard.

In a matter of hours, BTC firstly dropped beneath $46,000 before losing another chunk of value and falling to $45,000, as reported yesterday.

The bulls made a brief recovery attempt that resulted in testing $46,000 once more. However, the bears came to play again and pushed bitcoin to a six-day low of just under $44,000 marked hours ago.

Although BTC has bounced off and reclaimed several hundred dollars, it still stands beneath $45,000. Its market capitalization is now below $850 billion, and its dominance over the altcoins is just under 44%.

BTCUSD. Source: TradingView

ADA 5% Up; LUNA Explodes 30%

Ethereum’s price movements have wildly resembled those of BTC in the past few days. ETH is down by a similar percentage on a 24-hour scale as well to around $3,000 after dipping below that level hours ago.

In contrast, Binance Coin, Dogecoin, Ripple, and Polkadot have charted minor gains. Cardano and Solana have resumed their recent bull runs, though.

ADA has surged by 6% and currently trades above $2.10. SOL, which recently painted consecutive all-time highs, is 5% up and has reclaimed $70.

Nevertheless, Terra has skyrocketed the most from the larger cap alts. LUNA has exploded by more than 30% in a day and 90% in a week and now trades north of $30.

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

 

Avalanche is the best performer from the top 100 coins with a 43% increase to $33. Audius (26%), Perpetual Protocol (22%), Cosmos (21%), Fantom (19%), Arweave (16%), Algorand (12%), and ICP (12%) follow suit.

As such, the cryptocurrency market cap has remained above $1.9 trillion, despite BTC’s drop below $45,000.



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