Bitcoin failed at conquering $44,000, and the subsequent rejection drove it south by $2,000. Most altcoins are also well in the red today, with Dogecoin being among the few exceptions. DOGE jumped by double-digits following news from Tesla.
Bitcoin Rejected at $44.5K
After the latest price drop on Monday, in which the primary cryptocurrency dumped below $40,000 for the first time in nearly four months, the asset started to reclaim value somewhat rapidly. It jumped to $42,000 before another leg up drove it to $44,000 on Wednesday as the US announced its highest inflation rate numbers in 40 years.
After a brief retracement, BTC went back on the offensive and spiked to a weekly high of $44,500 yesterday. However, this is where the situation changed as the bears came to play hard.
Instead of heading further north, bitcoin dumped by more than $2,000 in hours. As of now, BTC has reclaimed a few hundred dollars, but it’s still around 3% down on the day.
As a result, its market capitalization has declined to just over $800 billion.
Alts Retrace: Doge Explodes
The alternative coins have mimicked BTC’s performance as of late, with notable gains in the past two days. However, the landscape is quite different today.
Ethereum came close to $3,400 yesterday, but a 3% decline has pushed the second-largest crypto to just under $3,300.
Binance Coin, Solana, Cardano, Ripple, Polkadot, Terra, Avalanche, Shiba Inu, and MATIC are also in the red today.
In contrast, Dogecoin is up by double-digit percentages. This is a direct consequence of positive news coming from Elon Musk’s Tesla. The EV giant enabled its customers to use the popular memecoin to pay for its products which caused the surge.
NEAR Protocol, which closed a funding round worth $150 million yesterday, is up by 4% on a daily scale.
Ultimately, though, the crypto market cap has declined by $80 billion since yesterday’s peak and is down to just over $2 trillion.