August 9, 2022

Market Watch: Bitcoin Fails at $42K, Ethereum Classic Surges 50% Weekly

2 min read

After rising above $42,000 yesterday, bitcoin failed to maintain that level and dipped by more than $1,000 hours later. Most altcoins have also seen minor losses on a daily scale, with a few exceptions. Ethereum Classic is the most apparent example as ETC is up by about 5% in a day and 50% in a week.

Bitcoin Fails at $42K

It was in the middle of last week when bitcoin initiated an impressive leg up surging by $3,000 to $42,000, which, actually, turned out to be a false breakout. Minutes later, BTC found itself retracing back to $39,000.

However, the generally more positive vibe in the market pushed the asset north again, and it reclaimed $40,000 even after the US Federal Reserve confirmed its plans to increase the interest rates by 25 basis points.

As the weekend approached and arrived, bitcoin pumped once more and tapped a 10-day high at $42,500, as reported yesterday. Nevertheless, it failed at that level and slipped by almost $2,000.

The bulls stepped up at that point and drove BTC up to its level of over $41,000, but its market capitalization is still well below $800 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Retrace While ETC Soars

The alternative coins also charted some impressive gains in the past few days, but most have turned red now. Ethereum tried its hand at breaching $3,000 but failed in its tracks, and a near 2% decline on a daily scale has pushed ETH to $2,840 as of now.

Binance Coin touched and briefly exceeded $400 but retraced in the following hours to below $390.

Ripple, Solana, Cardano, Polkadot, Dogecoin, Shiba Inu, CRO, MATIC, and ATOM are also in the red from the larger-cap alts.

In contrast, Terra and Avalanche are the only ones with minor increases. However, Ethereum Classic is the most significant gainer (once again). After yesterday’s massive 20% surge, ETC is now up by 5% and sits close to $40. On a weekly scale, the asset is up by around 50%.

The crypto market cap is relatively calm and stands shy of $1.9 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto