Friday, January 21

While Bitcoin Maintains $50K, Bitcoin Cash ABC Up 50% (Market Watch)


Despite retracing after the latest two-week high by several hundred dollars, bitcoin has remained above $50,000. Most altcoins are also slightly in the red following yesterday’s gains, with a few exceptions, such as Bitcoin Cash ABC, which is up by 50%.

Bitcoin Maintains $50K

Following a few consecutive weeks of consistent price drops, bitcoin finally initiated an impressive leg up yesterday, in which it broke above $50,000. Moreover, the cryptocurrency kept going upwards in the following hours and tapped a new two-week high of almost $52,000.

However, BTC failed to continue north as the bears stepped up. They pushed it south, but bitcoin still stands at around $51,000. It’s worth noting that the asset was not able to trade above $50,000 for two days in a row since the early December price crash.

The current price level means that BTC’s market capitalization has remained above $950 billion, while the dominance over the altcoins is at 40.6%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Stall as BCHA Spikes

The alternative coins also registered notable gains yesterday. Ethereum led the charge with a surge above $4,100 just a few days after the asset struggled below $3,800. A minor decrease since then, though, has driven ETH to just shy of $4,100.

Binance Coin has remained relatively still at nearly $550. More minor losses come from Cardano, Terra, Polkadot, Shiba Inu, Litecoin, and Chainlink, while Ripple, Avalanche, and MATIC have dropped slightly more.

Solana, Dogecoin, and CRO, on the other hand, are in the green. SOL has spiked by 2% to above $190, DOGE is up by more than 5% to $0.19, and CRO’s 7.5% increase has driven it to $0.65.

Nevertheless, Bitcoin Cash ABC is the most significant gainer from the top 100 coins with a 50% surge to above $100.

The cryptocurrency market capitalization has declined slightly and is under $2.4 trillion now.

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



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