Bitcoin Slips $2K After Recording New 3-Month High (Market Watch)
Bitcoin’s latest leg up has resulted in reaching a new three-month high of $46,800, but the asset has retraced by roughly $1,500 since then. While some altcoins have also stalled, others, like XRP, have gone wild with impressive double-digit gains.
Bitcoin Tapped a New 3-Month High
The past few days have been going well for the BTC bulls after the asset dropped below $43,000 on Monday. This came amid controversy from the US government as it had failed to agree on the specific taxation legislation on the cryptocurrency industry.
However, bitcoin reacted well to this drop and recovered more than $4,000 in the following hours to a high of just shy of $46,800. It traded in a range for a while, around $45,500, but the bulls came to play again in the past 24 hours.
As a result, BTC pumped to a new price top, this time touching $46,800 (on Bitstamp). This became its highest level since May 16th. Nevertheless, it failed to continue climbing and dropped by around $2,000 hours later.
As of now, it has recovered some ground and currently stands above $45,000. Its market cap is steady at around $850 billion, while its dominance has slipped slightly to 45%.
BTCUSD. Source: TradingView
Altcoins Fall Back But Not XRP
The alternative coins, led by the largest one – ether, were also riding high in the past few days. ETH’s performance was quite impressive since the London Hard Fork upgrade last week. Earlier today, it went to a new three-month high of its own at just under $3,300.
Now, though, the second-largest crypto has also retraced and trades at $3,150. Binance Coin also jumped nicely to above $400 for the first time since early June. However, it has lost some ground and sits at $385.
Polkadot, Uniswap, Solana, and Litecoin are also slightly in the red, while Cardano, Dogecoin, and Bitcoin Cash have marked minor gains on a 24-hour scale.
Ripple is the most impressive performance since yesterday. A 13.5% surge has driven XRP to above $1 for the first time since June.
More fluctuations come from the mid- and lower-cap alts. IoTeX leads with another 30% increase, followed by XinFin Network (26%), BitTorrent (13%), Klaytn (12%), and Near Protocol (10%).
On the other hand, Helium (-10%), Ravencoin (-10%), Flow (-10%), ICP (-9%), and VGX (-8%) have lost the most in a day.
The crypto market cap has decreased by about $50 billion since yesterday’s top and is just shy of $1.9 trillion.