Bitcoin’s Unsuccessful Attempt To Overcome $64K Leads BTC To $58K

Bitcoin’s unsuccessful attempt to overcome $64K led the number one cryptocurrency to retrace to $58K and most altcoins followed along as the market cap dumped $200 billion in one day. In today’s altcoin news, we are reading some more.

After Bitcoin’s unsuccessful attempt to overcome the $64,000 region, BTC retraced and reached $58,000 with most of the other altcoins being in the red as well. Shiba Inu went on a tear with a huge double-digit price surge and after last week’s ATH at $67,000, BTC started to retrace gradually as it dipped below $60K a few times in the past few days. Following the weekend drop, the situation changed and BTC climbed to above $63,000.

This was the level that the cryptocurrency visited yesterday as well as before it tried to overcome the $64K price level. The inability, however, changed the tides on the market. Bitcoin lost a few thousand dollars in the upcoming hours and stood above $61,000 which only enhanced the volatility causing a huge number of liquidations for the traders. byBt data shows that in the past day, liquidations surged to over $750 million. Similar to BTC, most alternative coins dumped quite a big chunk and ETH slid below $4000 after it inched away from a new ATH hours ago. However, ETH was been unable to break its previous record and the rejections drove it south.

Binance coin, Chainlink, and Polkadot are the only top ten coins that had one single-digit price drop and on the contrary, Solana, Ripple, Cardano, and Dogecoin were dumped by double-digit percentages over the past day. However, there are a few exceptions. Shiba Inu surged by another 20% in the day and its gains were 30% higher hours ago before the market crash. The meme token even reached a new high again. Aave performed well as well as it surged by 20% on a 24-hour scale and now stands above $400. Some more losses were evident from Fantom that dropped 20%, EOS by 18%, Curve DAO by 17%, Filecoin by 16%, Elrond by 16%, Ethereum Classic by 16%, and ThorChain by 15%. the entire crypto market cap lost about $200 billion from the peak a day ago to the low today just over $2.4 trillion now.