Bitcoin Corrects Below April’s Previous ATH, Solana Spikes Above $200 After 35% Weekly (Market Watch)
The volatile roller-coaster returned to the crypto markets again after bitcoin’s ATH, and the asset dropped by more than $5,000 a day later. While most altcoins have stalled on a 24-hour scale, Solana has gone on a tear once more by breaking above $200.
Bitcoin Lost $5K
The news that the US will finally have its own Bitcoin ETF, even if it’s a Futures one, for now, brought significant gains for the primary cryptocurrency. BTC traded below $58,000 last week when the first reports emerged but quickly skyrocketed above $60,000.
It kept climbing further, which culminated on October 20th. Bitcoin broke its April ATH of $65,000 and charted a new one at approximately $67,000.
After this peak, though, the bears came to play and pushed the asset south. The situation worsened yesterday when bitcoin dumped all the way down to $61,800 (on Bitstamp), but it went to even four digits on some exchanges in a flash crash event.
As of now, BTC has recovered some ground and stands above $63,000. Its market capitalization sits around $1.2 trillion, while the dominance over the altcoins is at 46%.
Alts Stall: SOL Doesn’t
The alternative coins also saw multi-month highs against the dollar in the past few days, but most have retraced slightly since yesterday. Ethereum came just inches away from a new ATH but is now down to just over $4,100.
Binance Coin, Cardano, Ripple, Dogecoin, Uniswap, and Litecoin have also seen minor losses. In contrast, Polkadot and Avalanche have charted slight gains. Terra has surged by more than 7%, but Solana has stolen the show again with a 9.5% increase in a day.
Moreover, SOL is up by 30% in the past week and has spiked above $200 for the first time in a few months.
The cryptocurrency market cap, which charted a new record at over $2.650 trillion, has lost more than $60 billion since then and is currently just shy of $2.6 trillion.
OhNoRipple via https://www.ohnocrypto.com/ @Jordan Lyanchev, @Khareem Sudlow