Bitcoin Got Rejected At $52K, Ethereum Slips Below $4K

Bitcoin got rejected at $52K and dropped by more than $3000 in a few hours while Ethereum slipped below the $4000 price range as we can see more today in our latest crypto news.

Bitcoin got rejected at $52K and dropped again by a few thousand dollars. The altcoins were in the red and Ethereum dropped well below $4000. the past few days were actually quite well for the main cryptocurrency that broke above $50,000 on Christmas eve and it even went higher to $52,000. the bears intercepted the move and pushed it south in the next few hours but BTC refused to stay down. It then started reclaiming value and surpassed $50,000 once again while climbing again and touching $52,000 to mark a new high.

BTCUSD. Source TradingView

However, this movement was short-lived as BTC started to lose its value quite fast and dropped by more than $3000 in a few hours to below $49,000. as of now, it bounced off and now stands above $49,000 but it is still down by 2.5%. The altcoins marked some strong gains yesterday but most were in the red today. Ethereum traded above the coveted $4000 level for a few days but a 3% decline in the past day drove the second biggest crypto below this line. Solana, ripple, Avalanche, Cardano, and SHIB all lost between 1.5% and 5%. Terra lost 7% of its value and Polkadot 6%. Binance coin is the only one that is slightly in the green. ICON and SushiSwap surged the most yesterday with 17% and 11% but on the contrary, THETA, Helium, CURVE Dao, Loopring, and HArmony lost the most value. The entire crypto market cap is down by more than  $70 billion and reached over $2.3 trillion yesterday.

crypto markrt
Cryptocurrency Market Overview. Source Quantify Crypto

As recently reported, After nearing $52,000 earlier this weekend, Bitcoin lost some ground but still stands near the $50,000 coveted mark. The other altcoins are calm as well with ETH closing to $4000 while MATIC surged by 7% on a daily scale. Days before Christmas, the main cryptocurrency dropped to $48,000 after failing to surpass the $50,000 price point but the bulls then came at play and pushed the asset north. In the next few hours, Bitcoin started adding more value and surged above its nemesis level. It kept increasing and neared $52,000 which became the highest price line in over two weeks.

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Author: Stefan