Bored Ape. Playback/Youtube
After a few days of exploring higher ground, bitcoin reversed its trajectory yesterday and plunged towards $20,000, now reclaiming the $21,000 level. Most altcoins are also in the red today, with SOL, DOGE, SHIB, AVAX, and others posting daily declines. ApeCoin and Tezos, on the other hand, have been defying market sentiment.
Does Bitcoin hold the $21,000?
After the mid-month massacre in which bitcoin dropped more than $12,000 to an 18-month low of $17,500 last Sunday, the last week has been more positive for the asset as it has recovered more than $4,000 from its price. . Then came the weekend when BTC remained relatively calm and held firm around $21,000. In fact, it reached a ten-day high of just over $21,800 but was stopped there. In the following hours, the cryptocurrency started to gradually lose value and ended up falling below $21,000. The daily low reached around $20,500, but community fears that it would plunge towards $20,000 did not materialize. On the contrary, bitcoin has jumped and is currently situated close to $21,000. But its market capitalization has even dropped below 400 billion dollars, while the dominance over the alts is 42.3%. Net dominance, on the other hand, is 56.4% as calculated by Coingolive.
BTC/USD weekly chart. Source: Coinmarketcap
Relevant news for BTC
Despite price volatility, investors withdrew large amounts of BTC from exchanges as the number of coins on exchanges dropped to a 3-year low. After becoming the second nation to adopt bitcoin as a legal tender, the Central African Republic announced the launch date of the crypto core in the country, seeking investment.
ApeCoin and Tezos outperform the market
Most altcoins have followed BTC south with drops on the daily scale. Ethereum also hit a multi-day high over the weekend, but failed to rise further. On the last day, ETH has slipped a little over 1.5% but still trades above $1,200. BNB is down by a similar percentage and is close to $240. Ripple, Cardano, TRON, and LEO all declined by as much as 4% in one day. More daily drops, however, are evident in Solana, Dogecoin, Polkadot, Shiba Inu, Avalanche, and MATIC. They’ve also seen it disappear up to 8.5% of the value, and SOL is below $40, DOGE is struggling to stay above $0.07, DOT is below $8, SHIB is back at $0.000011, AVAX is below $20 , and MATIC is at $0.53. Tezos and ApeCoin are among the few active in the green. XTZ is up 8% in a day to $1.64, while APE, perhaps fueled by recent hype when BAYC was recently included in a rap video by Eminem and Snoop Dogg, jumped 12% to $5, 4.
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