In the past 24 hours, majority of the large-cap altcoins have stalled with lower-cap altcoins making little progress in the market.
Bitcoin calmed slightly above $60,000 after several days of impressive price surges and consecutive multi-month highs as most altcoins are also stagnant, with the exception of Fantom, which has surged by 13% in a day.
Bitcoin recent bull run has had a massive effect on the value of the crypto market cap as it sits above $2.5 trillion despite over $40 billion drop since yesterday.
Bitcoin flying above $60,000
The number one cryptocurrency days back dipped below $55,000 only for reports of the SEC approving a Bitcoin ETF in the States propelling a surge in its price.
Bitcoin began by conquering $58,000 again after struggling to beat that mark for a long time. It faced some resistance at the psychological level of $60,000 but ultimately managed to break above it decisively on Friday and Saturday.
Bitcoin during that time hit $63,000, which became the highest price tag since April. After coming so close to its all-time high price, the bears came to play and drove BTC south again.
In the following hours, bitcoin lost about $3,000 of value to around $60,000. It currently retains its spot above $60,000 as is market capitalization has dropped shy of $1.150 trillion with its dominance over altcoins at 46%.
Red dominates as altcoins stall, FTM lead surge
Altcoins have stalled alongside Bitcoin in the past 24 hours after aking quick gains over the past days. Ethereum took a swing at $4,000 just days after falling below $3,500 but to no avail. It was stopped in its tracks at just over $3,900 and currently sits below that level.
Binance Coin has been among the most impressive performers as of late, but a 2.7% decline since yesterday has driven the asset to $465.
Cardano, Ripple, Polkadot, Dogecoin, Terra, and Litecoin are also in the red from the larger-cap alts. In contrast, Solana and Uniswap have marked minor gains.
Mid and Lower-cap altcoins have all failed to produce massive fluctuations or any significant gain. Only a number of altcoins are currently in the green rejoin with Fantom (FTM) leading that charge.
FTM has surged by more than 13% in a day and has tapped $2.25.
Ultimately, the crypto market cap has shed off $40 billion from yesterday’s high but still above $2.5 trillion slightly.