Bitcoin Dips Below $43K As ETH Battles To Keep Up With $3K

Time Stamp: February 17, 2022 12:44 PM
Source Node: 1178054

Bitcoin dips below the $43K price level while ETH battles to keep up with the $3000  price range as most of the coins are in the red today. Following the latest analysis, we are taking a closer look at our altcoin news today.

Bitcoin dips below $43K again and ETH tries to remain above $3000. Bitcoin got rejected at the $44,000 and dropped in the following hours but the altcoins also turned red with ETH struggling to remain above the $3000 price range and other coins dropped as well such as Solana, Cardano, Binance Coin, and more. A week ago, Bitcoin charted a five-week high at $46,000 before the bears came to the party and pushed the price south by $4000. The asset then found itself dipping below the 50-day moving average later this week. It started to regain some value and pushed $44,000 but then it almost neared $45,000 but was stopped in its tracks before calling the level again.

btcusd
BTCUSD. Source TradingView

Since then, BTC fluctuated a bit around $44,000 with a few drops to $43,000 and as of now, the cryptocurrency stands over the latter but the market cap is still above $800 billion. This price dip came despite the most recent news of the growing adoption among the legacy financial companies with the example coming from the New York Stock Exchange which wants to open a brokerage for crypto at some point. The alternative coins marked some strogn gains a few days ago and calmed yesterday but most were in the red today. Ethereum reached $3200 but then failed to continue upwards and in the past 24 hours, the second-biggest crypto lost traction and battles the $3000 as of late.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

Similar daily drops of around 3-5% came from Ripple, Binance Coin, Solana, Cardano, Terra, Avalanche, and Polkadot. The two biggest memecoins Shiba Inu and DOGE took today’s retracement better than the rest with the minor drops. ATOM is the only bigger cap altcoins in the green with a 3.5% increase to $30. The crypto market cap exceeded $2 trillion a few days ago and it got down by around $50 billion in one day and now stands at $1.950 trillion now.

As recently reported, Avalanche’s AVAX hit a weekly high of over $97 as the DEFI activity surged throughout following the late-January hype. The native token for Avalanche is a fast alternative to the leading smart contract platform Ethereum which increased by 11% to hit a weekly high of $97 as of early morning. AVA has since retraced and it is now tradign hands at under $95 as per the data by CoinmarketCap. Despite the uptick, the token is still down by 35% from its all-time high of $146.22 set back in November 2021.

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