After shooting up nearly $4,000 in two days, Bitcoin finally found serious resistance at $25,000 and was pushed south violently.
Most altcoins have also pulled back following the latest price gains, with a few exceptions. FIL stands as the most significant winner today.
Bitcoin stopped at $25K
The scenery until two days ago really couldn’t predict what was about to happen. Regulatory scrutiny by US authorities against the crypto industry had taken its toll on bitcoin, taking it from over $24,000 to under $22,000.
However, the tide turned on Wednesday night when BTC suddenly shot up from $21,500 to $23,000 and higher. The bulls took it further north the next day, reaching $24,900.
Although BTC initially fell short by breaking above $25,000, it finally did so hours ago, recording its highest price in roughly six months. However, the bears stepped forward at this point and did not allow any further increases. Just the opposite, they took Bitcoin south hard, pushing it below $24,000 as of now.
However, its market capitalization has remained above $450 billion while its dominance ranks first north of 42%.
FIL, ECP, MATIC shoot
Altcoins have seen similar gains in recent days, many hitting multi-month highs. In the case of OKB, the asset even reached an all-time high above $50 following the OKBChain announcement.
However, on a daily scale, most alts have regressed, some harder than others. APT is among the worst performers now, having dropped 11.5% in one day.
Ethereum has declined below $1,700 after a 1% drop. Binance Coin, Ripple, Cardano, Dogecoin, Solana, Shiba Inu, Tron, and Litecoin are all down about 4%.
MATIC continues its way up, posting another 4% rise today. However, Filecoin and ICP have posted the most impressive gains. The latter is up 18%, reaching $6.5, while the former stands above $6.5 after a 9.5% rise.
The crypto market capitalization has lost around $20 billion since yesterday’s peak and sits just below $1.1 trillion.
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