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    Home » Market Updates » Market Watch: ETH Came Inches Away From New ATH as Bitcoin Dips To $52.5K

    Market Watch: ETH Came Inches Away From New ATH as Bitcoin Dips To $52.5K

    Author: Jordan Lyanchev

    Last Updated Apr 23, 2021 @ 06:48

    Bitcoin’s dominance risks falling below 50% for the first time in over 2 years as BTC keeps losing value. In contrast, ETH is in green and came just $50 away from its ATH.

    Bitcoin’s price continues to suffer as the asset dipped by almost $5,000 in the past 24 hours. Despite recovering some ground, its dominance is agonizingly close to breaking below 50% as some altcoins, including Ethereum and Uniswap, have charted notable gains against the dollar and BTC.

    Bitcoin Slumps to $52,500

    The primary cryptocurrency is still unable to shake off the losses registered during the weekend when it plummeted to a 3-week low of $51,500. In the next few days, BTC attempted to surge higher but failed at $57,500 on Monday and $57,000 yesterday.

    The latest rejection that came less than 24 hours ago pushed bitcoin further south. Since then, the cryptocurrency dumped by about $4,500, leading to a low of $52,500 (on Bitstamp).

    So far, bitcoin has bounced off and has regained $2,000 of value, and its market capitalization is back above $1 trillion. However, JPMorgan analysts outlined concerns indicating that the asset risks falling even harder if it fails to overcome $60,000 anytime soon.

    The latest adverse price developments have harmed bitcoin’s dominance over the market again. The metric comparing BTC’s market capitalization with all other crypto assets is down to just north of 50% – a new 2-year low.

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    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Alts Retrace but Not ETH

    Most alternative coins have followed their leader with steep retracements in the past 24 hours. Binance Coin, which surged above $600 yesterday, has slumped by more than 8% and is down to $560.

    Ripple (-7%), Cardano (-3.5%), Chainlink (-2%), Dogecoin (-14%), and Bitcoin Cash (-4%) are also well in the red from the largest-cap altcoins.

    In contrast, comes Ethereum’s jump to $2,500 earlier today. Although ETH failed to breach its ATH record and has retraced with about $30, the second-largest cryptocurrency is still more than 6% up on a 24-hour scale.

    Uniswap has also pumped hard since yesterday. A 15% surge has driven UNI to north of $36.

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

    Somewhat expectedly, more fluctuations are evident from the lower- and mid-cap altcoins. Celo (-15%), Bitcoin Gold (-12%), Ontology (-11%), Siacoin (-10%), Vechain (-10%), Qtum (-9%), and IOST (-8%) have lost the most.

    On the other hand, Maker (32%), DigiByte (27%), Polygon (18%), Solana (17%), Compound (13%), and Aave (10%) have gained the most.

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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 Ethereum (ETH) 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 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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