Despite the failure to conquer $44,000, Bitcoin has fallen by $2000 due to the subsequent rejection. Dogecoin is one of the few exceptions among altcoins today. Following Tesla’s announcement, DOGE’s price rose double-digits.
Bitcoin Rejected at $44.5K
The primary cryptocurrency started regaining value slightly quickly after its price dropped below $40,000 for the first time in nearly four months on Monday. It jumped to $42,000 before another leg up drove it to $44,000 on Wednesday as the US announced its highest inflation rate numbers in 40 years.
Yesterday, BTC spiked to a weekly high of $44,500 after a brief retracement. However, this is where the situation changed as the bears came to play hard.
Bitcoin fell by over $2,000 in less than one hour instead of heading north. At the time
As a result, its market capitalization has declined to just over $800 billion.
(BTCUSD. Source: TradingView)
Alts Retrace: Doge Explodes
Alternative coins have replicated Bitcoin’s performance in the past two days, with notable gains. Today, things are quite different.
Despite being close to $3,400 yesterday, Ethereum is now trading just under $3,300 after a 3% decline.
Avalanche, Shiba Inu, Terra, Avalanche, Cardano, Ripple, and MATIC are also down today.
Comparatively, Dogecoin has seen a double-digit percentage increase. Tesla’s Elon Musk recently announced some good news. The EV giant enabled its customers to use the popular memecoin to pay for its products which caused the surge.
On a daily basis, NEAR Protocol is up by 4% after closing a $150 million funding round yesterday.
In the end, however, the crypto market cap has fallen by $80 billion since yesterday’s peak and now stands at just over $2 trillion.
Original Article can be found at; //cryptopotato.com/bitcoin-rejected-at-44k-dogecoin-sees-monthly-high-following-tesla-news-market-watch/
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
