Bitcoin keeps struggling with the $50,000 mark as the asset failed to breach it decisively and remains below it as of now. Most altcoins are also slightly in the red on a daily scale, except for Terra, which skyrocketed by more than 10%.
Bitcoin Stands Below $50K
Ever since the massive price crash that transpired during the weekend, bitcoin has failed to produce any significant gains and to overcome the coveted $50,000 level decisively.
It seemed as the asset had done so two days ago when it traded well above that line and even tapped $52,000. However, the bears didn’t allow any further increases.
Just the opposite, they pushed the cryptocurrency south and drove it below $49,000 yesterday. In the following hours, BTC attempted another leg up which culminated in reaching $51,000.
Once again, though, bitcoin failed to maintain above it and, as of now, trades below $50,000. Its market capitalization has declined beneath $950 billion, and the dominance over the altcoins sits at 40%.
Terra Soars 10% as Alts Retrace
Similar to bitcoin, most altcoins have struggled in the past few days. Ethereum dumped from above $4,600 to $3,500 during the Saturday crash but quickly bounced off and reclaimed $4,000. On a daily scale, though, ETH is down by 1% and stands at just over $4,300.
Terra, on the other hand, has surged by more than 10% in a day. As a result, LUNA now trades at $75 and is just inches away from registering yet another all-time high, which is now set at $78, according to CoinGecko. Moreover, the asset has now entered the top ten largest cryptocurrencies by market cap.
More gains come from WAX (29%), NEAR Protocol (17%), Celo (12%), Huobi Token (10%), and Gala (10%).
The cryptocurrency market capitalization has remained relatively still at just over $2.3 trillion.
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