Bitcoin Stopped at $25K, Conflux Explodes 510% Weekly on China Hype: Market Watch

Bitcoin tried its hand at taking down $25,000 decisively once again in the past 24 hours, but to no avail so far.

Most altcoins have also turned red today, with MATIC, SOL, and LTC slipping by over 3%. CRO, on the other hand, has soared by more than 8%.

Bitcoin Fails at $25K

Bitcoin experienced a highly volatile end of the previous trading week, surging past $25,000 to mark its highest price level since August before dumping hard by roughly $2,000. The weekend was calmer, as BTC spent it around $24,500.

Sunday evening, though, saw another price increase toward $25,000, which was stopped in its tracks. The subsequent rejections brought the asset down below $24,000.

The scenario repeated once again on Monday. This time, BTC briefly exceeded $25,200, but as it happened before, it dropped back down by several hundred dollars almost immediately. The cryptocurrency now stands inches away from $25,000 once again, while its market capitalization has neared $480 billion.

Its dominance over the altcoins is also on the rise, having touched 42.6% today.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

CFX Skyrockets Triple Digits

While the US continues with its regulatory scrutiny on the industry, recent reports claim that China could have been changing its tune, albeit not directly, by quietly supporting Hong Kong and its acceptance of the asset class.

As such, it’s somewhat expected that tokens related to the world’s most populated nation would surge in value. This is the case with NEO, which is up by almost 30% on a daily scale, and 76% weekly.

Although being 76% up on the week is impressive on its own, it cannot compare to Conflux’s 510% surge. Conflux is the only China-based public blockchain, and its native token is well within the top 100 largest coins with a $0.31 price tag.

At the same time, most larger-cap alts sit with minor daily declines. Ethereum, Binance Coin, OKB, Dogecoin, Polkadot, and Shiba Inu have all dropped by up to 2%, while MATIC, SOL, and LTC are down by somewhere between 3-4%.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.