ETH Below $2K Again (Market Watch)

After the latest price record above $57,500 and a subsequent sharp drop to $54,000, bitcoin has calmed around the $56K price mark (as of now). Most alternative coins have charted declines over the past 24 hours, except for UNI, which painted a new ATH north of $32.

Bitcoin Stalls After The Latest ATH Set At $57.5K

The past week was quite positive for the primary cryptocurrency as it recovered from the brief dip to $46,000 decisively. In the following days, the asset gained more than $11,000 of value, which resulted in several consecutive price records.

These developments led to yesterday’s latest impressive leg up that started from approximately $55,000 and ended with a high of over $57,500, according to Bitstamp.

As sometimes happen in crypto, the record was followed by a sharp price dip to $54,000 on most crypto exchanges, but bitcoin managed to bounce off immediately and currently sits around $56K.

Ultimately, BTC’s market capitalization has maintained the $1 trillion mark, while the asset’s dominance over the market has increased slightly to 61.5% as most altcoins have painted red in the past 24 hours.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Larger-cap Alts in Red: UNI (Uniswap) Sees New Record, ETH Below $2K

Most of the altcoin field was on an impressive roll in the past several days, perhaps none more remarkable than Binance Coin (BNB). The cryptocurrency had gained triple-digit percentages in seven days, resulting in a new ATH at about $350. Just for reference, BNB traded at $40 less than a month ago!

However, Binance’s native crypto started retracing yesterday and has lost nearly $100 of value to $260. Ethereum (-4%) dipped below $2000 after failing to close a daily candle above the milestone level, Ripple (-7.5%), Litecoin (-8%), and Bitcoin Cash (-8%) are also well in the red from the top 10 alts by market cap.

Polkadot reached a new record above $40 yesterday, and for a short while even replaced BNB on the top 3 list, but has stalled since then and currently trades beneath that level. Cardano (ADA) is the most impressive gainer, with a 6% increase to $1.12.

Nevertheless, UNI has added the most value on a 24-hour scale from the large-cap altcoins with a 25% surge. As a result, Uniswap’s governance token registered a fresh price record of over $32 earlier today and the asset became the 12th largest crypto by market cap.

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

The situation among the lower-cap altcoins is slightly more positive. Pundi X leads with a 55% increase, followed by Flow (20%), Voyager (19%), BitTorrent (17%), and Ontology (14%).

In contrast, Quant has lost the most value (-13%). Ren (-11%), Solana (-9%), Monero (-9%), and EOS (-9%) are next.

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Cryptocurrency charts by TradingView.