The cryptocurrency market was taken aback yesterday when prices suddenly broke. Bitcoin (BTC) shot up just as hard, but litecoin (LTC) in particular took the lead and rose by no less than 34% in fifteen minutes. However, that had to do with fake news, Reuters news agency published that Walmart LTC accepted payments, but that was completely untrue.
Then the prices plummeted again just as hard and even fell below the level before the news. Fortunately, most crypto were able to recover quite quickly and many prices are now even slightly in the plus. Total market cap jumped from $2.10 trillion briefly to $2.24 trillion and then back to $2.06 trillion. This morning it comes in at $2.16 trillion.
Despite the recovery in prices, these kinds of incidents make the market a little more suspicious again. People fear market manipulation and that might make them a little more reserved. Perhaps the announcement of MicroStrategy brought some balance.
Quite interesting that this fake news dumped BTC straight into those Bitfinex bids that had been sitting there for a while and now they’re spoofing it up too.
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— ₿yzantinΞ General (@ByzGeneral) September 13, 2021
Bitcoin (BTC)
Bitcoin (BTC) was pushing against $45,000 yesterday until the news came out. Then bitcoin shot from $44,700 to $47,400, a 6% increase in less than 15 minutes. However, the price then plummeted again just as hard. Bitcoin even briefly fell below $44,000 at $43,600, but then slowly started to recover.
By midnight, bitcoin broke through $45,000, but remained there for the rest of the night. At the time of writing, bitcoin is on the rise again, but it appears that USD 46,000 may still offer a little too much resistance for now. Despite the on-chain data looking bullish, bitcoin could be stuck in this range for longer.
#BTC Mean Coin Age made a new all time high today and the overall trend continues higher.
Strong hands are #HODLing. #BTC has significant upside.#buythedip pic.twitter.com/N5e4WyvgNq
— Daniel Joe (@DanielJoe916) September 14, 2021
altcoins
Ethereum (ETH) made a similar move yesterday. The ether price shot from $3,250 to $3,450 and straight back down to $3,150. From there, however, ether slowly began to rise again, breaking through $3,300 around midnight and ending up at $3,330 this morning.
Cardano (ADA) also rocked back and forth for a while. The ADA price shot from $2.40 to $2.56 and back to $2.34. Then, ADA initially recovered faster than the above two cryptos, returning to around $2.45 around midnight. However, since then ADA has been slowly dropping back to $2.40.
Solana (SOL) briefly peaked at $170 yesterday, then fell back to $150 and then even surged past the peak to $173. Since then, SOL has also fallen back slightly to about $166, but the price is up 8% compared to 24 hours ago. Polkadot (DOT) is also up 8%. DOT started rising in the past few hours bringing the price to $36.6.
With the exception of a few crypto, the market remains quite calm today, a sign of a consolidation phase. Nevertheless, there are a few outliers. Tezos (XTZ), osmosis (OSMO) and telcoin (TEL) are up about 12%, icon (ICX) and cosmos (ATOM) are up 16%, synthetix (SNX) by 22% and safemoon (SAFEMOON) even by 25%.
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