Bitcoin Struggles below $49K: Solana (SOL) Now Top 8 after flipping Polkadot – Bitcoin attempted to reach $50,000 once more in the past 24 hours, but it was rejected, which drove it south hard. Most altcoins have stalled, which has enabled SOL to outplace Polkadot as the 8th largest cryptocurrency following another impressive surge and ATH.
SOL’s Latest ATH takes it to N8
Most alternative coins have performed rather similarly to bitcoin in the past few days. As such, they have remained relatively stagnant on a daily scale, despite the intraday volatility.
Ethereum, Cardano, Ripple, Dogecoin, Polkadot, and Uniswap have marked minor losses. As a result, ETH sits just over $3,200, ADA is at $2.83, XRP stands at $1.15, DOGE is below $0.30, DOT is at $26, while UNI is just shy of $27.
While they have stalled, some have taken the opportunity to outperform them and have run with it. SOL has charted yet another all-time high at $97.5 after the latest leg up. Perhaps even more impressively, Solana has now become the 8th largest cryptocurrency in terms of market capitalization.
Speaking of records, LUNA has done the same following a 16% surge. The ATH is now set at over $36.5.
Further gains come from Arweave (30%), Bitcoin Gold (20%), Audius (18%), NEAR Protocol (14%), Tezos (13%), Cosmos (10%), and Holo (10%). The cumulative market cap of all crypto assets stands still around $2.1 trillion.
Bitcoin’s Volatile 24 hours
Just a few days ago, bitcoin had dumped to a weekly low of $46,300 (on Bitstamp). At that point, though, the bulls stepped up and started pushing the asset north.
As reported, this resulted in reclaiming several consecutive round-numbered levels, including briefly tapping $49,000. BTC kept climbing yesterday and spiked above $49,600.
As the bulls were preparing for another attempt at cracking $50,000 for the second time in a week, the bears came to play. In fact, they regained complete control over the cryptocurrency and pushed it south to a daily low of $48,000.
After losing nearly $2,000 of value in hours, bitcoin bounced off and recovered several hundred dollars. Nevertheless, it’s still below $49,000, but its market capitalization remains above $900 billion.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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