Mon, February 06, 2023

Bitcoin declined by 2.54%. What about other cryptos?

Bitcoin declined by 2.54%. What about other cryptos?

Bitcoin tumbled down by 2.54% to $47,161.0 on Friday. After a bearish start of the day, the crypto dropped to a low $47,055.0 from an early morning high $48,389.0. It also left the major support and resistance levels untested thus far.

 

The other major cryptos traded in the red as well. However, if Bitcoin moves back through to $50,000, that would support a broad-based crypto rebound.

 

On Thursday, Bitcoin plummeted down by 4.01%. After reversing a gain of 3.91% from Wednesday, the crypto ended the day at $48,388.0. Bitcoin jumped to an early morning intraday high $51,777.0 before reversing the course.

 

It also fell short of the first major resistance level at $52,649 and tumbled down to a late intraday low $47,603.0. Afterward, the sell-off caused Bitcoin to slid through the first major support level at $48,175. The crypto ended the day at $48,300 levels, though.

 

Thus far, the near-term bullish trend remains intact despite the latest pullback. To form a near-term bearish trend, the crypto would need to fall through the 62% FIB of $24,751.

 

Bitcoin’s dominance dropped to a Tuesday low of 61.08% before soaring to a Tuesday high of 62.40%. On Friday, Bitcoin’s dominance sat at 61.50%.

 

How did other major cryptos fare? 

 

The Crypto market traded on bearish territory on Friday. Crypto.com Coin plunged by 4.97%, leading the way down. On the other hand, major cryptos fluctuated on Thursday.

 

Ripple’s XRP skyrocketed by 7.33%, but most of the other coins ended in the red. Cardano’s ADA and Chainlink tumbled down by 8.31% and 7.37%, respectively.

 

Meanwhile, Binance Coin plummeted down by 4.59%, and Bitcoin Cash SV declined by 5.76%. Litecoin also lost 3.75%.

 

Some other cryptos suffered relatively modest losses. Crypto.com Coin decreased by 1.81%, and Ethereum dropped by 1.83%, while Polkadot shaved off 1.04%.

 

During the last week, the crypto total market plunged to a Monday low $1,347bn before soaring to a Wednesday high $1,600bn. On Friday, the total market cap sat at $1,422bn.

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