Updated: 05/02/2021 06:59
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ethereum came inches away from 3000
Bitcoin and most alternative coins have registered minor losses in a day. Not ETH, though, which came just $40 away from touching $3,000.
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Bitcoin and most alternative coins have registered minor losses in a day. Not ETH, though, which came just $40 away from touching $3,000.

After reaching a new two-week high of over $58,500, bitcoin has retraced slightly and currently trades around $57,000. Most altcoins have also marked minor losses on a 24-hour scale. Ethereum is among the few exceptions as ETH is closing down to $3,000.

Bitcoin Stalls Around $57K

The primary cryptocurrency finally produced more decisive moves upwards. After trading in a range of around $54,000, bitcoin initiated an impressive leg up that resulted in adding $4,000 of value in a day to a high of $58,500. This became the asset’s highest price tag since the mid-April market-wide crash.

However, this is where the bears stepped in again and didn’t allow any further increases. In the following hours, bitcoin retraced by more than $2,000, resulting in a dip to just over $56,000. Despite recovering some of the losses, BTC is still more than 2% down on a 24-hour scale.

According to the technical indicators, bitcoin’s first obstacles are the resistance lines at $58,355, $59,000, and the coveted $60,000. Alternatively, the major critical support lines at current levels of $56,950 – $57,000 which is the 50-day moving average line, followed by $56,200 (20-day MA, retested earlier this morning). Further down lies $55k previous resistance turned support.

Alts Retrace: ETH Nears $3K

Most alternative coins were on a roll lately with impressive gains and melted a large portion of bitcoin’s dominance over the market. However, they have also calmed in the past 24 hours. Binance Coin is down by 4% to just over $600 after registering its latest all-time high yesterday at around $645.

 Ripple (-0.6%), Cardano (-2.6%), Polkadot (-2.3%), Uniswap (-2.6%), and Litecoin (-1%) are also in the red. In contrast, Chainlink (4.5%) and Dogecoin (5.5%) have added the most value from the larger-cap altcoins. Consequently, LINK trades above $40 while DOGE is at $0.38.

Ethereum is also in the green with a 2% increase on a 24-hour scale. ETH came just $40 away from tapping another milestone yesterday at $3,000. More gains are evident from OKB (45%), BakeryToken (41%), Nano (22%), Huobi Token (15%), Fantom (13%), Ethereum Classic (12%), and Solana (10%).

Ultimately, the cumulative market capitalization of all cryptocurrency assets has lost around $30 billion but has remained above $2.2 trillion.

About the author

Eric Marriam is a young writer. Even though he is not experienced he is able to make really high quality work. Eric is able to identify a problem people have and break it down, able to appeal to emotion through emotive writing, can change style of writing to cater to different audience. Eric Marriam is able to work creatively and effectively with staff and managers and despite his young age, he proved to be a clear and effective writer and speaker, committed to maintaining quality and efficiency, seeking for professional growth and development.
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