Bitcoin Consolidation Continues (Market Watch)

After one other unstable 24 hours during which BTC went from $56,000 to above $58,000, the cryptocurrency has stalled once more round $57,500. Most larger-cap altcoins are barely within the pink, whereas gaming tokens, comparable to MANA and SAND, have produced vital beneficial properties.

Bitcoin Fails at $58K

It was just some days in the past, throughout the weekend, when the value of the first cryptocurrency took a swing at $60,000 however to no avail.

The subsequent rejection drove it south onerous. In a number of hours, BTC noticed itself buying and selling under $56,000 for the second time in lower than every week. This got here after a number of extremely unstable strikes.

The bulls tried to step up and pushed bitcoin upwards, which culminated in a every day excessive of $58,400 (on Bitstamp) charted yesterday.

However, BTC failed to face above that stage and has lost roughly one grand since then. It trades round $57,500 now, and its market capitalization is down under $1.1 trillion as soon as once more.

BTCUSD. Source: TradingView

Metaverse Tokens Go Up: Meme Coins Down

CryptoPotato reported yesterday on the quickly altering developments within the cryptocurrency space. Memecoins, comparable to Dogecoin and Shiba Inu, had been essentially the most vital and fascinating tokens previously few months. Now, although, they’re on a downfall when it comes to value and consumer demand.

In the previous 24 hours, DOGE has lost 4% of worth and is near breaking under $0.2, whereas SHIB is beneath $0.00004. Moreover, the latter is greater than 50% down since its peak lower than a month in the past.

In distinction, a brand new mania appears to be rising – metaverse cash. As reported earlier, representatives, comparable to Decentraland and the Sandbox, have skyrocketed currently, with new all-time highs charted continuously. MANA is up by 25% previously 24 hours, whereas SAND is up by 14%.

From the larger-cap alts, Binance Coin has elevated by roughly 4% to above $610. Avalanche and CRO have additionally marked minor beneficial properties.

In distinction, Ethereum, Cardano, Ripple, Polkadot, and Terra are within the pink, whereas Solana has dumped by 7% to simply over $200.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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