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Bitcoin’s effort to surpass the $29,000 mark yesterday was unsuccessful, resulting in a slight decline, although it remains above $28,000.
The altcoins have turned negative on a daily basis, with the exceptions among the larger ones being LEO, UNI, and MNT.
BTC Struggles at $29K
The beginning of the business week was relatively optimistic for the leading cryptocurrency, which surged by approximately $1,000 on Monday morning following a lackluster weekend. Additionally, one of the most significant price increases in recent months occurred later that day due to misleading reports suggesting that the US SEC had finally approved a spot Bitcoin ETF.
The asset experienced an immediate $2,000 increase, reaching a two-month high of around $30,000. However, as the reports were refuted, BTC began to lose value just as quickly, falling back to $28,000.
The bulls attempted to initiate further price increases in the subsequent days, culminating in another attempt to breach $29,000 yesterday. Nevertheless, the cryptocurrency was unable to surpass that threshold and has since lost several hundred dollars.
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Currently, BTC is trading just above $28,000, with its market capitalization remaining above $550 billion. Its dominance over altcoins continues to be strong at over 51% on CMC.
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BTCUSD. Source: TradingView
Alts Decline
Most alternative coins mirrored BTC’s rise and fall following the false reports but are now trading in the negative.
Ethereum reached nearly $1,700 but is struggling to stay above $1,550 at present, following another daily decline of 1.3%. Binance Coin has also dropped by a similar percentage to $210.
Ripple, Cardano, Toncoin, Polygon, Polkadot, Litecoin, Shiba Inu, and AVAX have all decreased by approximately 2% in a single day.
LEO, UNI, and MNT are among the few exceptions, showing minor gains over the past 24 hours.
Overall, the total cryptocurrency market capitalization has lost some momentum, currently sitting at around $1.080 trillion on CMC.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
