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Market Watch Analysis Shows Bitcoin Dipping Below $47,000

Stefan by Stefan
11/12/2021
in Altcoin News, Bitcoin News
Reading Time: 2 mins read
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The market watch analysis shows that bitcoin dipped below $47,000 today while Polkadot increased by 5% in one day so let’s take a closer look at today’s Bitcoin news.

Yesterday’s inflation news from the US pushed BTC to $50,000 again but then Bitcoin dipped by $3000 so it is now hovering near $47,000. Most altcoins are in the red as well on a daily scale as ETH dropped to $4000. The past few days didn’t go well for the main cryptocurrency and tried to recover from the past week’s crash and challenged the $50,000 mark on a few occasions but that wasn’t helpful. Being unable to break above, the cryptocurrency hovered near $47,500 when the US Bureau of Labor Statistics revealed the highest inflation number in 40 years set at 6.8%.

btcus
BTCUSD. Source TradingView

This had an immediate effect on the BTC price that jumped a few thousand dollars and reached $50,000. As it happened with other attempts, the asset was not able to pass by and the rejection drove it south by about $3000. after dumping below the $47,000 level, BTC bounced off well and now sits above $48,000 with the market cap being north of $900 billion. The second-biggest digital asset went higher than $4400 a few days ago but the negative sentiment brought it to $4000 and as of now, ETH stands above the line. Binance coin traded north of $600 and then dropped another 4% which pushed it to $550. Solana dropped by 3%, Avalanche by 3%, Cardano by 2%, Shiba Inu by 1.5%, and Terra which was among the best performers is down by 8% and sits over $60.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

DOGE and Ripple are also in the red while Polkadot jumped by 5% and now sits at $28. The crypto market cap dropped below $2.3 trillion yesterday.

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As previously reported in our market watch analysis, The bullish stepped up since then and as a result, BTC initiated an impressive price boost as it reclaimed $50,000 so it now stands above $51,000. This means that the asset is up by more than $4000 since a day ago. The crypto market cap recovered $200 billion in one day and neared the $1 trillion mark once more while the dominance over the altcoins reduced to over 40%. The alternative coins suffered in the crash over the weekend and yesterday. Today, however, most surged thanks to the ethereum rally which added another 10% to its price. ETH is now sitting above $4,400 while it was set at $3,500 on Saturday.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: bitcoin dipping below BTC dippingbelowbtc pricecryptocurrency marketfeaturedmarket analysismarket watch analysis
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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