After being rejected at $21,000, bitcoin slumped to $20,000 but has managed to defend that level.
Most altcoins are deep in the red, with massive daily losses evident from Dogecoin, Shiba Inu, and Avalanche.
Bitcoin Stalls at $20K
After the positive last week, which resulted in bitcoin surging from under $19,000 to a multi-month high of over $21,000 during the weekend, the asset has remained relatively calm.
The bulls failed to push it further north days ago, and the subsequent rejection drove BTC south to around $20,500. The past few days have seen the asset getting quieter and remaining within a tight range between $20,000 and $21,000.
On-chain analysis suggested that the current bear market resembles the previous one to a large extent, but there’s one small but vital difference. Additional data informed that the cryptocurrency could be heading for a more violent rejection if it fails to overcome $21,000 decisively.
Its market cap is still below $400 billion with the current price tag of $20,500, but its dominance over the alts has taken a breather and is up to almost 39%.
The alternative coins experienced notable gains in the past week or so, but the bears have stepped up now.
Ethereum went from under $1,400 to a multi-week high of over $1,600, outperforming bitcoin. Now, though, ETH has retraced back down below the latter after a 1.5% daily decline. Binance Coin is down by a similar percentage to $320.
More losses are evident from Cardano, Solana, MATIC, Polkadot, Tron, and Uniswap – all down by up to 5%.
The situation with yesterday’s top performers – Dogecoin and Shiba Inu – is a lot worse. DOGE has seen an 11% correction, while SHIB has shed 8% in value daily.
Litecoin is today’s best performer. The asset has soared by about 10% and trades at just over $60.
Despite losing around $30 billion daily, the overall crypto market cap has remained above the coveted $1 trillion line.
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