October 2, 2022

Bitcoin Slides by $4,500 as Ethereum and Binance Coin Paint New ATHs (Market Watch)

2 min read

Bitcoin’s notorious volatility struck again the other day as the possession plunged by more than $4,000 in hours after touching $59,000. At the very same time, Ethereum, Binance Coin, and Dogecoin continue riding high with a new all-time high for each.

ETH, BNB, DOGE to New Highs

The second-largest cryptocurrency by market cap has been blowing out of the water the rest of the market in current weeks by charting consecutive all-time highs nearly daily. The past 24 hours didn’t disappoint the ETH bulls as the possession went on towards its newest record at roughly $3,450. Regardless of backtracking with $90 ever since, ether is more than 320% up year-to-date.

Another spectacular entertainer just recently is Binance Coin. The native crypto of the world’s leading exchange reached $680 for a brand-new all-time high the other day, and its market cap broke above $100 billion for the first time.

Dogecoin followed the abovementioned developments with a record of its own as well. This time, the popular meme coin surged to above $0.45.

Litecoin and Chainlink are also in the green. On the other hand, Ripple (-7.5%), Cardano (-1.5%), Polkadot (-4%), Uniswap (-5.5%), and Bitcoin Cash (-3%) have actually lost some traction.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto Waves is the most substantial gainer from the leading 100 coins, following a 70%rise to above

$40. THORChain (19%), Ethereum Classic (15%), OMG Network(14% ), Flow (10%), and Avalanche (10%)are next. On the other hand, Fantom (-10%)has actually lost the

most, followed by Polygon (-9%), Holo( -8 %), Ravencoin(-8%), and Dent (-8%). The total market cap also chose a record of above $2.3 billion.

Bitcoin Touched $59K But Slumped

And while some altcoins have actually been on a roll recently, the main cryptocurrency has failed to produce any significant gains. In the previous 24 hours, the scenario seemed somewhat various as BTC pumped from $56,000 to a brand-new 15-day high at $59,000.

Nevertheless, the bears resumed control and pressed the cryptocurrency south by more than $4,000 to a low of $54,500 (on Bitstamp).

Despite recuperating some ground since then and currently trading around $56,000, BTC is still 3.5% down on a 24-hour scale. Furthermore, its supremacy over the market continues to reduce and is down to 46.3%.

BTCUSD. Source: TradingView

BTCUSD. Source: TradingView