Bitcoin Sees Another Rejection at $50K: ETH Steps Closer to $4K (Market Watch)

2021-09-03 23:52:43 Primitive Reading

Despite exceeding $50,000 for the first time in ten days, bitcoin has failed to remain above that level. Some alternative coins continue to outperform their leader, including SOL, which went to yet another all-time high. Ethereum is also slightly in the green as it closes the gap to $4,000.

SOL’s Latest Record and ETH Eyeing $4K

The alternative coins have performed better than BTC in the past few weeks, which is evident from the declining bitcoin dominance. Ethereum, for example, dropped to $3,100 just a few days ago but has surged by more than 22% since then. As a result, the second-largest crypto currently stands above $3,800 and is nearing the coveted $4,000 price line.

Ripple (1.5%), Polkadot (2.5%), Chainlink (3%), and LUNA (3%) have also charted minor gains since yesterday. However, Solana’s current streak just doesn’t seem to have an end.

As reported earlier, SOL charted yet another all-time high above $140 after a double-digit surge. Moreover, the asset surpassed DOGE as the seventh-largest cryptocurrency by market capitalization.

This comes as Dogecoin, along with Binance Coin and Cardano, have marked slight declines in a day.

Cryptocurrency Market Overview. Source: Quantify Crypto

IOTA also has doubled down on its recent gains with another 22% increase. Revain (15%), BitTorrent (15%), Avalanche (15%), Celsius (12%), NEAR Protocol (12%), Holo (12%), Audius (12%), and Algorand (10%) are next.

As such, the cumulative market cap of all cryptocurrency assets has remained above $2.2 trillion.

Bitcoin Fails at $50K Again

The primary cryptocurrency also had a lot going its way yesterday. Following several consecutive days of price declines, in which it fell to $46,300, the asset went on a tear. It added $4,000 in roughly 24 hours and spiked above $50,000 for the first time since last Monday.

However, as it happened last time – it failed to remain above it for a more extended period. Just the opposite, the bears stepped up and pushed BTC south to a daily low of around $48,400 (on Bitstamp).

Since then, bitcoin has recovered more than $1,000. It even pushed toward $50,000 once again but failed and currently stands around $49,500.

Its market capitalization is still well above $900 billion, but the dominance over the altcoins, as mentioned above, continues sliding and is beneath 42%.

Disclaimer: This specification is preliminary and is subject to change at any time without notice. Amazon Finance assumes no responsibility for any errors contained herein.