Friday, December 9, 2022

Polkadot Recovered Another 7% As BTC Stalls Below $30K

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Polkadot recovered another 7% as BTC stalls below $30K and most of the larger coins remain in the red today so let’s have a closer look at today’s latest altcoin news.

Bitcoin calmed under the $30,000 price point after the recent volatility which brought the asset south by five digits. Most of the altcoins are quite stagnant on a daily scale with a few exceptions like Bitcoin Cash, Monero, and Polkadot. The past ten days were a volatile rollercoaster for BTC and the rest of the market so the largest digital asset stood closer to $40,000 before crashing by $4000 and then dumping more in the next few days, founding itself struggling to remain above $30,000.

btcusd
BTCUSD. Source TradingView

It seemed inevitable that it will break below this level and it did on May 12 so at that point, BTC crashes by another $5000 to its lowest price position since December 2020 at $25,400. after the $15K drop in a week, it reacted well and managed to recover $6000 in one day before tapping $31,000. it failed there and retraced below this level where it is now sitting so the marekt cap sits at over $550 billion. The altcoins were through something similar as well. Etheruem traded at $3000 earlier in May but then crashed to a multi-month low of $1700 during the corrections’ violent day. It bounced off this point and reclaimed $2000 in a few days.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

Binance coin is close to $300 after dipping $230 days ago and on a daily scale, most of the larger caps remain in the red. Cardano, Ripple, Solana, DOT, TRON, and SHIB all retraced to 4%. Polkadot recovered another 7% and Avalanche is among the few top gainers. AVAX is up by 3% while DOT soared by more than 7% and trades north of $11. from the low cap altcoins, Monero and Bitcoin Cash remained the most stable, and the crypto market cap remained sluggish in the past two days while the now it is sitting at $1.250 trillion.

Bitcoin failed to reclaim the $30,000 recently as traders looked forward to a stable weekend. The data from Tradingview shows that the BTC/USD pair lingered below the $30,000 price point which is becoming its resistance as of late. The pair reached shy of $31,000 before retracing while the end of the market trading week was accompanied by the new warnings of a new macro low. However, not everyone stayed on the sidelines. On Bitfinex, the long leverage continued expanding after hitting new highs. Analyst Johal Miles reacted to the charts.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

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