After much anticipation when Bitcoin hit $49,000 the crypto market experienced a little pullback as the number one cryptocurrency faced rejection hitting $50, 000.
Bitcoin after it could not break the $50, 000 point led to around $70 billion wiped off from the total cryptocurrency market capitalization earlier on Monday.
Despite new All-Time High, BTC misses $50, 000
Bitcoin on Sunday hit $49,000 a new all-time high in its history. Because of this surge, there were high hopes it would hit the coveted $50,000 this week only for the entire crypto market to face a little pullback.
While Bitcoin was on $49, 714 bear interception occurred which caused the decline. Between two-hourly candles, BTC went from $48,800 down to $45,900 before recovering. At the time of writing this report, it trades at $48,671.
Similarly, volatility in the crypto market has led to a total of $1.89 billion long and short liquidation. Reportedly, the liquidation occurred on a Bitcoin pair on Huobi with a face value of around $21.25 million.
The bear position was high in the last 24-hour as 92 percent of liquidation were long time holdings.
Altcoins recovering after pullback
Bitcoin dominance in the last 24-hours has hiked from 60.4 percent to 61.1 percent according to Bitcoin’s dominance – the index that tracks BTC’s share. The market hours before press time was covered in red. However, it’s returning to green all round with altcoins beginning to recover after notable decreases.
Ethereum at press time trades at $1,825. Polkadot which is just recovering is up by around 6 percent, Cardano up by 4 percent among other coins. Binance coin, however, remains bearish with a 2 percent drop trading at $133.
Elon Musk’s Dogecoin in the last 24-hour suffered the most after plunging by over 16 percent.
What is it with Dogecoin?
Elon Musk earlier on Monday said that he would support Dogecoin to achieve mainstream adoption after whales sell off their holdings. Binance CEO, Changpeng Zhao afterward revealed that one entity holds over 27 percent of Dogecoin’s entire market cap, valued at over $7 billion at press time and the top 20 DOGE addresses hold over 50 percent of the altcoin’s current circulating supply (over $3.5 billion).
Some pros/risks of #Doge.
Pros: Cool, fun, PR manager @elonmusk. Decentralized in the sense there are no "core team". It's abandoned.
— CZ 🔶 Binance (@cz_binance) February 4, 2021
Elon promised to support Doge only if these hodlers sell their stake and state that is only then the altcoin can get massive adoption.