The price of bitcoin (BTC fluctuated quite violently yesterday, but gradually there was an increase. Several times the bitcoin price broke through $ 55,000 and then went back into hiding.
Bitcoin was expected to meet a lot of resistance around USD 57,000. In the end, bitcoin already reached this around $ 55,700 and that immediately caused a correction. Bitcoin lost nearly $ 2,000 in a few hours and the price dipped below $ 54,000 again. Still, that’s as of now $ 7,000 above Monday’s low of $ 47,000.
With this correction, bitcoin also slightly lowered the rest of the market. Ethereum (ETH lost $ 1,000 around the same time after the ether price hit another new all-time high (ATH) just above $ 2,700. A similar price move with bitcoin brings ethereum back to USD 2,600.
Despite all the criticism about Ethereum’s high transaction fees, the largest altcoin in the market continues to rise gradually. This is probably because the decentralized finance (DeFi) and non-fungible token (NFT markets are growing and mainly run on Ethereum. The high expectations regarding EIP-1559 also play a role.
Solana, Polygon & Dogecoin
Furthermore, today we see the prices of some of the biggest risers of the past week are now the deepest in the red. Yesterday harmony (ONE) and waves (WAVES) were the top climbers, but they are now both almost 10% in the red. Solana (SOL) made tremendous growth last month, but is also 10% in the red today.
The strongest riser in the crypto market today is once again polygon (MATIC), which is again more than 30% in the plus. We also saw Dogecoin (DOGE) make a bizarre move up over 25%, probably due to a tweet from Elon Musk, but it looks like it is correcting down again.