Monday, February 6, 2023

Terra Continues To Falter And Dips To $0.04, BTC Maintains $30K

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Terra continues to falter and dipped below $0.04 while Bitcoin maintained the $30,000 price level so let’s have a closer look at our latest altcoin news.

UST continues to chart new lows as Terra continues to falter below $0.04 and BTC stands slightly over $30,000. following yesterday’s dip, BTC reacted well and reclaimed the $30,000 price point with most altcoins sitting calm with minor gains while LTC and CRO emerged as today’s top gainers from the bigger caps. Last week’s market rash led to BTC creating history with its seven consecutive weekly candles in the red which resulted in massive disruptions for the asset as it dropped to an 18-month low of $25,300. BTC bounced off at the point and jumped beyond $30,000 and it stood during the weekend as well so then it lost traction a day ago as It dipped below the coveted line whcih went below $29,000.

The bulls stepped up at the point and didn’t allow more price dives. The opposite happened and pushed BTC north, the crypto reclaimed $30,000 and as of now it sits close to $31,000 and now the BTC market cap increased to $580 million while the dominance over the altcoins stands around 44.5%. The altcoins went through similar enhanced price fluctuations over the past ten days and remained calm on a 24-hour scale. Ethereum dumped from $3000 to $1700 in days before it reclaimed $2000 but then maintain the level ever since. The second biggest crypto is close to $2100 as of the time of writing.

market analysis
Cryptocurrency Market Overview. Source Quantify Crypto

BNB stands above $300 after dumping to $230 days ago and Cardano, DOT, Ripple, DOGE, TRON, AVAX, and SHIB are in the green. Litecoin and Cronos gained the most from the bigger cap altcoins by a similar increase of 6%. Terra’s algorithmic stablecoin was supposed to be pegged 1:1 to the dollar and continued to crash and plummeted to $0.04 so the entire crypto market cap is around $40 million in one day and stands above $1.3 trillion.

The markets had a brutal week as Terra’s collpase contributed to a degree of market contagion. With the Terra UST stablecoin slipping from the price of $1, the LFG put a few measures into effect and lent $750 million in BTC and another $750 million in UST to restore the TerraUSD parity with the dollar.

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