In the first half of this week, the cryptocurrency market took a major blow. Many stocks lost more than 15% to 20% of their value. That was accompanied by a falling stock market, a debt crisis at Evergrande and more pressure from regulators.
Most crypto has already started to recover nicely in recent days and the prices received a little boost by last night due to news from Twitter about bitcoin (BTC) payments and non-fungible tokens (NFTs). Click here to read more about that!
As a result, the total market capitalization briefly returned to $2.1 trillion, but this morning the prices fell slightly again. Nevertheless, the fear in the market seems to be easing:
Bitcoin Fear and Greed Index is 33 – Fear pic.twitter.com/ZYINxafUfT
— Bitcoin Fear and Greed Index (@BitcoinFear) September 24, 2021
Bitcoin
Bitcoin (BTC) recaptured $44,000 yesterday and that has been a pivotal point in recent months. However, support seemed to give up for a while in the afternoon as bitcoin started to fall again towards $43,000. Then the above news came out and the BTC price immediately jumped up to $45,000.
Bitcoin initially seemed to be able to hold on to that, the price briefly peaked to $45,175, but corrected again during the night. Bitcoin dipped all the way back to $44,000, but then made a big bounce upwards. Bitcoin even appears to be pushing right through USD 45,000 at the time of writing, but resistance is likely just around the corner.
The question is whether bitcoin will still have the 200 days this weekend moving average around $46,000 or we will see a period of consolidation before the price breaks out.
Bears are wrong, good night. Wake me up in a month. pic.twitter.com/62ySsdQWsT
— Will Clemente (@WClementeIII) September 24, 2021
altcoins
Ethereum (ETH) has fluctuated somewhat more violently in the past 24 hours. The ether price came in at $3,150 yesterday morning, then dipped all the way to $3,050 and then climbed close to $3,200. Ether appeared to hold above USD 3,150 but dipped back to USD 3,050 this morning. At the time of writing, ether looks set to recapture $3,100 but is already running into resistance.
Cardano (ADA) is also rocking. The ADA price initially fell back to $2.20, then recovered to $2.25 and suddenly jumped to $2.35 shortly after midnight. However, ADA then corrected back to $2.25, but bounced right back up there, rising past $2.30 at the time of writing.
Solana (SOL) has had a little harder time in the last 24 hours. SOL appeared to recapture $150 yesterday morning, but the price then fell to $143. The price then made another attempt to go up and briefly touched $150, but then dipped all the way to $140. SOL is currently encountering resistance around USD 145 making it 3.5% in the red, the deepest out of the top 10.
In addition, a number of cryptos in the top 100 turn quite green. Terra (LUNA) made a big jump yesterday afternoon and again this morning. LUNA is therefore 12% in the plus state and comes out at $38.5. Harmony (ONE) also managed to hold on last night after a jump yesterday afternoon, so that the price is 12% in the plus and comes out at $ 0.155
This is also reflected in tezos (XTZ), which made a big jump yesterday afternoon and then remained fairly stable. XTZ is up 13% and ends up at $6.55. We also see the same in near (NEAR) playback, which is 13% in the plus and is currently romping at $9.