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Market Watch: Bitcoin Rejected at $60K, Crypto Markets Lost $100B Daily

After the positive weekend, bitcoin was rejected at $60,000 and dropped by a few thousand dollars to $57,000. Most altcoins are also trading in the red, except for CRO and Elrond as both went on to register new all-time highs.

Bitcoin Rejected at $60K

After several consecutive days of losing value, in which bitcoin dumped by 20% from its peak to a monthly low of below $56,000, the asset finally started to recover some ground during the weekend.

It spiked by around $3,000 on Saturday and even neared $60,000 on Sunday. However, it failed to breach it, and the subsequent rejection drove it south hard.

In just a matter of hours, BTC went down by a few thousand dollars and even dipped below $57,000. As of now, it has bounced off rather well and currently sits close to $58,000.

Nevertheless, bitcoin’s market capitalization has dropped well below $1.1 trillion, and its dominance over the alts remains at just over 42%.

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Market Watch: Bitcoin Rejected at $60K, Crypto Markets Lost $100B Daily

BTCUSD. Source: TradingView

CRO and EGLD See New Peaks

Most alts have mimicked BTC’s performance in the past several days, which means they are slightly in the red today. Ethereum went above $4,350 yesterday, but a 3% decline has driven it back down to around $4,200.

Binance Coin (-1.7%) has decreased to $575, Cardano (-3.5%) is down to $1.8, and more losses come from Ripple, Polkadot, Dogecoin, Shiba Inu, and Terra.

Solana (3%) and Avalanche (1%) are the only two coins from the top 10 in the green. AVAX continues with its impressive performance by tapping frequent ATHs.

Speaking of records,’s native token has also charted a new one above $0.7 following a massive 11%. Elrond (EGLD) has skyrocketed by 23% and also charted a new peak.

More price increases are evident from Voyager Token (13%), Flow (12%), IOTA (12%), Curve DAO Token (11%), Secret (10%), Oasis Network (10%), and Stacks (10%).

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In contrast, GALA (-20%), Arweave (-13%), Kadena (-12%), Nexo (-10%), Immutable X (-8%), KuCoin Token (-8%), and Tezos (-7%) have lost the most in a day.

The cryptocurrency market capitalization went down by around $100 billion in a day since yesterday’s peak and is at $2.7 trillion on CoinGecko now.

Market Watch: Bitcoin Rejected at $60K, Crypto Markets Lost $100B Daily

Cryptocurrency Market Overview. Source: Quantify Crypto


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Tags: Bitcoin (BTC) Price

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