Crypto Markets Cool Off After Recent Rally, Bitcoin (BTC) Stalls Below $52K (Weekend Watch)

10 months ago 1

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After numerous consecutive days of charting impressive gains, Bitcoin has calmed at just under $52,000.

The altcoins have also stalled following the recent price surges, with ETH dipping below $2,800 and AVAX slipping below $40.

BTC Calms Below $52K

The primary cryptocurrency had a highly impressive run over the past ten days. It all started on February 7 when the asset finally broke out of its tight range in which it stood for a week – at around $43,000.

The bulls took complete control of the market and initiated a few consecutive price jumps that resulted in BTC knocking on the $50,000 door by the end of that week. After a brief rejection, the cryptocurrency went on the offensive once again and reclaimed that level on February 12 (Monday).

The US CPI numbers pushed it south by a few grand, but that was short-lived. The asset started rising in value once again and soared to $52,900 on Thursday to mark its highest price tag since late 2021.

However, it failed to overcome that line and the subsequent rejection pushed it south by a grand on Friday. Since then, BTC has been quite sluggish and now stands inches below $52,000.

Its market cap is still above $1 trillion on CoinGecko, while its dominance over the alts has increased back to 50%.

Alts in Retrace Mode

Most altcoins followed BTC on the way up, and some even outperformed the largest digital asset yesterday. Now, though, most have retraced slightly.

Ethereum leads this adverse daily trend with a minor decline that has pushed it back down to under $2,800. SOL has lost the $110 level, while AVAX is below $40 now.

Further losses come from the likes of XRP, ADA, DOGE, DOT, LINK, and TON. In contrast, TON has jumped by almost 3% and sits above $0.13.

The total crypto market cap has lost about $15 billion overnight but still stands above $2 trillion.