Tuesday, December 6, 2022

ApeCoin Soars 14% Ahead Of Otherside Sale, BTC Gets Below $40K

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ApeCoin soars 14% ahead of the Otherside sale and BTC got below $40K which made the former the crypto with the biggest gains over the day so let’s read more today in our latest cryptocurrency news today.

Bitcoin failed to surpass $40,000 and returned to below $39,000 with the majority of the altcoins being in the red once again but Apecoin continued to defy the odds ahead of the highly anticiapted Otherside sale. Bitcoin started an impressive leg up and added about $3000 in hours but the asset surged to almost $41,000 after the recent nosedives. The price increase was short-lived with the bears pushing the crypto south again while the decline was even more violent and BTC found itself trading below $38,000 for the first time in six weeks.

btcusd
BTCUSD. Source TradingView

ApeCoin soars 14% while Bitcoin reacted well to today’s climate and bounced towards $40,000. it surpassed this level briefly and the overall bearish sentiment in the crypto market drove it south again. BTC trades below $39,000 and the market cap declined well below $750 billion. The altcoin space hasn’t been enjoying over the past few days and the red landscape confirms it Ethereum touched $3000 a few days ago and failed to remain there. It dropped to $2900 and a 3% decline since then which drove the second biggest crypto to over $2800 as of now.

Binance coin dropped by 2% at under $400 while SOL dumped below $100 after another 3.5% daily drop. Polkadot, Cardano, Terra, Ripple, DOGE, and SHIB are in the red, and MATIC and AVAX also lost some chunks of value up to 6%. ApeCoin continued to outperform the rest of the market and as Otherside sale is nearing, APE Jumped by 13% and neared the new ATH at $27. Most of the altcoins are in the red, the market cap is down by $50 billion and it is well under $1.8 trillion.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

As recently reported, Apecoin is surging today and it is up by 7% in the past day according to CoinMarketCap. The BAYC ApeCoin surges and hits a price of $27 and since then, the token shed some of those gains and is trading at just under $22. The cryptocurrency fuels Apecoin DAO and the unofficial decentralized autonomous organization related to the Bored Ape Yacht Club NFT collection. The weekly chart painted a similar pattern and since last week, ApeCoin increased a whopping 67%. The token is still far off from the AHT of $39.40.

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