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    Home » Market Updates » Calm After the Strom: Bitcoin Reclaims $57K and Ethereum Above $2K (Market Watch)

    Calm After the Strom: Bitcoin Reclaims $57K and Ethereum Above $2K (Market Watch)

    Author: Jordan Lyanchev

    Last Updated Apr 9, 2021 @ 07:14

    Despite reaching a 10-day low of $55,500, BTC’s dominance has regained some ground as bitcoin reclaims $57K while ETH sits above $2,000.

    Bitcoin dipped to its lowest point in over a week beneath $56,000 but has recovered some of the losses and currently stands above $57,000. Most altcoins have retraced even harder, including a double-digit price drop for the high-flying Ripple (XRP) and Ethereum briefly dropping beneath $2,000.

    BTC’s Dominance Increases Despite the Drop

    The past several days didn’t go all that well for the primary cryptocurrency. After failing to overcome $60,000 on numerous occasions, the asset reversed its trajectory and headed south.

    Bitcoin reached $59,400 on Thursday, but its inability to sustain the upward momentum gave the bears an opportunity to push it down, which led to a $4,000 price drop in less than 48 hours.

    Yesterday was an especially harmful trading day for BTC as it slumped to a low of about $55,500. This was the lowest price line since late March.

    It’s worth noting that this retracement came as the South Korean kimchi premium normalized following a yearly high. As CryptoPotato reported, such developments typically lead to a price drop.

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    Nevertheless, the cryptocurrency bounced off and has regained more than $1,500 since its low. As of writing these lines, BTC stands just above $57,000.

    On the positive side, the altcoin market has retraced even harder. Consequently, bitcoin’s market capitalization has recovered a little less than 1% and stands around 55% after dipping below that level yesterday.

    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Altcoins Deep in Red

    The alternative coins were on a roll in the past week or so, registering new records. Ripple was among the best performers by adding 100% of value in that timeframe, reaching a 3-year high at over $1,10, and becoming the 4th largest cryptocurrency by market cap.

    However, XRP has retraced with about 11% since yesterday, despite the company’s CEO claiming that the court hearing against the SEC went well for the payment processor.

    Ethereum dropped below $2,000 but has jumped slightly and currently stands at $2,020. Binance Coin (-2%), Polkadot (-4%), Cardano (-6%), Uniswap (-2%), Litecoin (-5%), and Chainlink (-5%) are also in the red.

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

    The situation with the lower- and mid-cap altcoins is significantly more volatile, as one could expect. Helium (-15%), Ontology (-14%), Qtum (-14%), NEM (-12%), EOS (-12%), Waves (-11%), and Bitcoin SV (-10%) have also retraced with double-digits.

    On the other hand, WazurX (37%), 1inch (23%), Enjin Coin (23%), Harmony (21%), PancakeSwap (12%), Yearn.Finance (12%) and Conflux Network (10%) have gained the most since yesterday.

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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.
    Tags: Bitcoin (BTC) Price
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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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. Full disclaimer
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