ETH is battling for $ 3,000 again as it is down a similar percentage with Bitcoin as the number one cryptocurrency fell below $ 45,000 as we can see more on our latest altcoin news today.
Both Bitcoin and Ethereum were down a similar percentage in one day, while LUNA, SOL and ADA broke with impressive gains. The past few days have been challenging for the market as BTC fell to a new low below $ 45,000 but some altcoins like ETH also went into the red. However, SOL, ADA and LUNA saw significant increases.
BTCUSD. Source TradingView
The main cryptocurrency is struggling to get out of the $ 44,000 range, especially since it hit $ 48,000 a few days ago. Now it doesn’t seem to be able to break any higher. In a matter of hours, BTC fell below $ 46,000 and lost another value when it fell to $ 45,000. The bulls made a brief rebound that resulted in the $ 46,000 being retested, but the bears got back to the game and pushed BTC to a new low of under $ 44,000 a few hours ago. BTC rebounded and bounced back a few hundred dollars, but it’s still under $ 45,000, with a market cap of under $ 850 million and a dominance over altcoins of under 44%.
Overview of the cryptocurrency market. Source quantify crypto
Ethereum price moves have been similar to BTC’s in recent days as ETH battles to recapture $ 3,000 levels after recently falling below that level. In contrast, Binance Coin, Ripple, Dogecoin, Polkadot and others saw smaller gains, with Solana and Cardano leading the bull run. ADA is up 6% and is now trading above $ 2.10, SOL is up 5% and regained $ 70. Terra also rose as a coin from the larger cap group, LUNA exploded 30% in one day and 90% in a week. Avalanche is the best performer among the top 100 coins with a 43% increase to $ 33 and Audius is up 26%.
Cosmos also rose 21%, Fantom 19%, Algorand 12% and Arweave 16%, despite Bitcoin falling below $ 45,000. As recently reported, Ethereum and the number one cryptocurrency exchange flows show that these assets are being taken off the exchanges at an increasing rate, showing that few are currently ready for sale. Glassnode reports show that bitcoin exchange flows returned to the dominance of outflows in August as investors began pulling the digital asset. It added that the market had gone through a number of phases of flow dominance over the past year. The previous dominance of the outflows was observed in late 2020 before BTC rose from the ATH from $ 20,000.
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