Ethereum Classic becomes the most substantial gainer again as Bitcoin and other alts stalled or briefly retraced over the past day.
Bitcoin failed to maintain yesterday’s surge past $42K, losing over $1,000 some hours later. Most alternative tokens also registered slight daily losses. Ethereum Classic was among the exceptions as ETC gained around 5% within the previous day while staying 50% up over the past seven days.
Bitcoin Fails to Overcome $42,000
Mid-last week sessions had Bitcoin on an impressive upside move, touching $42K after surging $3,000. However, the upside move revolved out to be untrue. The following minutes saw Bitcoin retracing towards $39K.
However, the improved mode in the financial space pushed Bitcoin higher again, reclaiming $40K even with the US Fed confirming plans to hike interest rates. Bitcoin pumped again as the weekend nears, touching a 10-day peak near $42,500.
However, BTC weakened, losing around $2,000. Meanwhile, bulls joined the bandwagon again, keeping BTC beyond the $41K, though the market cap remains well under $800 billion.
Altcoins Declines While ETC Explodes
The alternative market also saw decent upside price actions within the past couple of days. However, most alts see retracements now. Ethereum could not overcome the $3K area, losing around 2% within the past 24 hours to hover at $2,840 at this publication.
Binance Coin also breached the $400 mark but dropped within a few hours to change hands at $390. Other large-cap altcoins that lost value today are Ripple, ATOM, Polygon, CRO, Shiba Inu, Dogecoin, Polkadot, and ADA.
Meanwhile, Avalanche and Terra charted slight surges. Nevertheless, Ethereum Classic leads the gainers once more. ETC gained a whopping 20% yesterday. 5% overnight gain has the alternative token approaching the $40 value area. Furthermore, Ethereum Classic surged approximately 50% within the past week.
The crypto market capitalization remained relatively calm within the past day, standing near $1.9 trillion. Meanwhile, most tokens show weakness following the latest upside actions. Analysts believe breathers are essential before crypto assets embark on massive upside trends.