Sunday, December 4

Xmas Status Quo: Bitcoin at $50K, ETH Retests $4K, MATIC Spikes 7%


After nearing $52,000 earlier this weekend, bitcoin has lost some ground but still stands around the coveted $50,000 mark. The altcoins are untypically calm, with ETH close to $4,000. In contrast, MATIC is up by more than 6% on a daily scale.

Bitcoin Down to $50K

Just days before Christmas, the primary cryptocurrency had dropped to $48,000 after failing to overcome $50,000. However, the bulls came to play at this point and pushed the asset north.

In the following hours, bitcoin started to add value rapidly and surged above its round-numbered nemesis. Moreover, BTC kept rising and neared $52,000 on Saturday. This became its highest price line in over two weeks.

However, it failed to continue upwards and started to lose value gradually. Earlier today, it dipped below $50,000 and, as of now, stands at around that level once again. As a result, BTC’s market capitalization is just under $950 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Stall: MATIC Pumps 6%

Ethereum struggled below $3,800 before the Holidays but surged above $4,100 during the market recovery. Now, though, the second-largest cryptocurrency has retraced slightly and stands at just over $4,000.

Binance Coin is also down by around 1% to $540. The majority of the larger-cap alts are also quite stable. Solana, Cardano, Terra, and Polkadot are slightly in the green, while Ripple, Dogecoin, and Shiba Inu have lost minor gains.

Avalanche has lost the most in a day (-4.5%) and is down to $110. In contrast, MATIC is up by more than 6% and trades above $2.7.

More gains come from Cosmos (12%), Curve DAO Token (10%), Audius (8%), and Fantom (8%).
The crypto market cap is down by around $30 billion to $2.350 trillion.

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



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