Crypto Market Loses $50 Billion as Bitcoin Price Failed to Breach $38K (Market Watch)

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Although bitcoin initially surged to $38,000, the asset has failed to sustain its movement and even dipped below $35,000. Most large-cap altcoins have also lost some traction after yesterday’s gains, but have continued to reduce BTC’s dominance – this time to below 65%.

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As reported yesterday, the primary cryptocurrency seemed stuck in a range around $36,000 – $37,000. In the past 24 hours, bitcoin initiated a leg up that resulted in a daily high of about $38,000.

While the bulls welcomed this development, the bears quickly took control and didn’t allow any further increases. Just the opposite, they drove BTC’s price south.

In the following hours, bitcoin slumped to an intraday low of beneath $35,000. Although the cryptocurrency has bounced off and reclaimed that level, it’s still down by 2.6% since yesterday.

The technical indicators suggest that BTC has dropped below the first support levels at $37,000 and $36,000. If the asset continues losing value, the next support lines are situated at $34,800, $34,000, and $33,135.

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Most alternative coins painted serious gains in the past few days, raising speculations of an impending altcoin season. However, the situation has changed since yesterday.

Binance Coin and Polkadot have lost the most value from the top ten – approximately 7%. BNB has fallen to $42 after the most recent burn, and DOT has dropped to $16.

Bitcoin Cash (-4%), Chainlink (-4%), and Cardano (-2%) are also in the red.

Ethereum is the only exception with a slight increase on a 24-hour scale. It’s worth noting that the second-largest crypto reached a new all-time high yesterday of above $1,430.

Cryptocurrency Market Heatmap. Source: Quantify Crypto

Hedera Hashgraph is the most impressive gainer after the UK’s NHS announced that it will monitor COVID-19 vaccines by using the project’s blockchain. HBAR is up by 60% in a day and 120% in a week to $0.1

Enjin Coin is another massive gainer with a 42% surge to $0.40. As reported yesterday, Japan’s self-regulatory body (JVCEA) approved ENJ to be listed on Coincheck, which became the first Japanese listing for the token.

NXM (30%), Ren (20%), Decentraland (15%), and VeChain (10%) follow.

Ultimately, the total market cap has remained above $1 trillion despite the losses among the large-cap altcoins but lost about $50 billion in the process.

Additionally, the surging lower and mid-cap altcoins have reduced BTC’s dominance over the market, which has dropped to 64.9% as of writing these lines. This is a 5.5% decrease for the metric in about a week.

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Cryptocurrency charts by TradingView.

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