October 5, 2022

Market Watch: As Bitcoin Retraces to $48K, Fantom Up 17%, NEAR Skyrockets 32%

2 min read

The psychological and technical resistance at $50,000 has shown too hard for Bitcoin to conquer as soon as again. The cryptocurrency is presently retracing towards $48K, but a lot of altcoins are completely unfazed and are even charting brand-new highs,

Bitcoin Retracing Towards $48K

Yesterday, BTC’s cost was on its path towards $50K. It peaked at $49,600 and was unable to continue higher. Nevertheless, the picture is rather different today.

At the time of this writing, bitcoin is trading at $48,350, down 1.8% in the previous 24 hours.

BTC/USD. Source: TradingView So far, the$48K level appears to be holding. It’s likewise worth noting that the overall market capitalization hasn’t decreased that much.

It’s down some $5 billion in the past

day, which represents that altcoins are making up for the difference. Some Altcoins Party The rest of the market is colored in both green and red as some altcoins charted severe gains while others failed to do stand their ground.


Cryptocurrency Heatmap. Source: Quantify Crypto Ethereum, for instance, stopped working to remain above $4K and is down 2.5% towards $3,900. AVAX is also down about 3%, and so is Solana (SOL).

On the other hand, however, NEAR Protocol rose by a massive 33% and painted a new all-time high at $13.35. Fantom’s FTM is also up 17%, and it trades at around $1.8.

Overall, these are the 2 most significant winners in regards to 24-hour ROI, followed by Aave with 14.2%, Sushi with 13.2%, and SPELL with 9.5%.

On the other hand, BCHA continues to decline and is as soon as again the coin that lost the most during the previous day. It’s down 11.3%, trading at $77. LUNA is own 9.9% compared to 24 hours ago but remains 40% up for the previous week.