Bitcoin Dips Below $38K, IOTA Explodes 33% Daily (Market Watch)


Bitcoin continues to be uncertain at the $38,000 level and has slipped below it in the past few hours.

Most altcoins are also slightly in the red today, with ETH close to breaking below $2,000 and SOL dipping beneath $60.

BTC Under $38K

Last Friday saw bitcoin’s surge that drove the asset to an 18-month peak at $38,500. However, the cryptocurrency failed to maintain its momentum and dropped to under $38,000 almost immediately.

The weekend saw very few noteworthy movements, with BTC standing in a range between $37,000 and $37,500.

Monday and Tuesday, though, brought more pain for the bulls as the asset fell to a multi-day low of $36,700. Nevertheless, they managed to regain control over the market and pushed BTC north on Wednesday.

This culminated in a price surge to $38,400, but bitcoin couldn’t keep heading north and chart a new year and a half peak. Just the opposite, the asset has lost some traction since then and now trades under $38,000.

Its market capitalization has retraced to under $740 billion, while its dominance over the altcoins remains strong at 52%.

BTCUSD. Source: TradingView

IOTA Defies Market Sentiment

Most larger-cap alts registered impressive price gains yesterday, but the landscape today has changed. Ethereum is down by 2% and is close to breaking below $2,000 after nearing $2,100 yesterday. Binance Coin, Ripple, Tron, Toncoin, Avalanche, and MATIC have declined by similar percentages.

Solana, Cardano, and Polkadot are down by more than 3%. This means that SOL is currently under $60, ADA is way below $0.4, and DOT is just inches above $5.

Dogecoin is the only top 10 alt in the green. LEO, RUNE, UNJ, and MNT are with gains from the mid-cap alts.

IOTA, though, has emerged as the top performer from the top 100 digital assets, having soared by over 30% in a day.

The total crypto market cap has lost some steam and sits at $1.420 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.



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