Bitcoin Battles $51K Resistance Amidst Altcoin Declines

Bitcoin made a recent unsuccessful bid to breach the $52,000 threshold, encountering strong resistance that resulted in a significant downturn. Concurrently, various altcoins, notably LINK, UNI, and ICP, have experienced more pronounced retracements during this period.

BTC Stumbles at $52K

In the preceding weeks, Bitcoin displayed impressive performance, surging by over ten thousand dollars and establishing a new multi-year pinnacle at $53,000. However, the recent week has been relatively subdued, with the cryptocurrency predominantly confined to a narrower trading range.

Excluding a brief spike to $53,000 a few days ago, Bitcoin has largely oscillated between $51,000 and $52,000. Despite the latest endeavor to surpass the latter figure, bears promptly thwarted the move, resulting in a substantial southward push. This increased volatility contributed to a cumulative liquidation figure of $125 million in the past day.

Presently, Bitcoin grapples to sustain levels above $51,000, witnessing a decline in market capitalization to $1 trillion. Furthermore, its dominance over altcoins has dwindled by 1% over the past week, settling at 49% on CG.

Related: Matrixport Predicts Bitcoin Could Hit $63,000 by March 2024

Altcoins Painted in Red

While most altcoins exhibited impressive gains in the preceding day, the current scenario is markedly different. Ethereum, for example, reached a peak of $3,000, but a subsequent 2.5% dip has led to its current valuation of $2,930.

Several other prominent altcoins, including Ripple, Cardano, Dogecoin, Binance Coin, Polkadot, and Toncoin, have experienced analogous percentage declines.

Solana teeters on the brink of dipping below $100 following a 4% daily downturn. Chainlink, Uniswap, and IC have each witnessed approximately a 5% reduction, settling at $18, $7.1, and $12, respectively.

Filecoin stands out as one of the exceptions, surging by over 6% in the past 24 hours. The aggregate crypto market cap has suffered an overnight setback of over $30 billion, plummeting to $2.040 trillion on CG.