Crypto Market Roundup: Bitcoin Value Drops to $38,000

The cryptocurrency market wore an indifferent outlook on Tuesday as the pioneer digital asset declined by three percent. Judging from this week’s BTC price correction, the retracement currently holding at $38,564 is limiting a break from the crypto market cap. It still exerts dominance over altcoins at 46.1 percent.

Source: ByBit

Today, the crypto market cap saw a low swing by almost two percent. Exchanges as well recorded a drop of eight percent as investors await Bitcoin to break above $40k. Currently, Bitcoin’s decline to a $38k level leaves investors hoping for another break. Reiterating Glassnode’s analysis of a 30 percent surge in active Bitcoin addresses recently, analysts are still bullish.

Altcoin’s Momentum 

Ethereum has taken on an impressive run, defiling the downtrend influence of Bitcoin to stay above the $2,500 mark. The rally behind this cryptocurrency has spun for about 13 days as its London Hard Fork is expected to go live by Wednesday. ETH only saw a one percent dip on the Intraday chart. 

On the other hand, the altcoin section appears predominantly in red. Cardano and Binance Coin are down by two and three percent respectively. XRP took a much lower swerve by above four percent. 

The top gainer in the market is Voyager Token (VGX) which surged up by 32 percent at the time of this report. Stacks (STX) trail behind it, up by 18 percent.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts