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27 October 2021
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Bitcoin retreats 5% in one day as ETH fights over $2,900 – Market Summary


This Tuesday (28), after trying to exceed US$ 44,000, Bitcoin (BTC) retreats almost 5% in 24 hours according to CoinGoLive. It is now traded at US$41,946 – R$226,246 at brokerages in Brazil.

In addition, bears pushed major altcoins south this morning. Ethereum (ETH) struggles to maintain the $2,900 level while doing even more negatives than Bitcoin.

Bitcoin bears took over the party today

Bulls tried to push Bitcoin price above $44,000 on Monday, as we reported, and then the BTC hit a three-day high. However, it did not stay there and began to gradually lose value over the next few hours.

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Now the bears have the party. As of now, the BTC has dropped below US$42,000 once again – R$226,246 at the main Brazilian brokers, and, having fallen 4.21% in 24 hours, its market capitalization is below US$800 billion .

The cryptocurrency market’s indecision has apparently not frightened long-term investors, who still hold 80% of the network’s coins in diamond hands.

Read too: Diamond Hands: Holders Hold 80% of Bitcoin Supply

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One such carefree investor is the famous crypto-billionaire, MIke Novogratz, who has not been scared off by Bitcoin’s recent moves. As he said in an interview last week: “We save $40,000 overnight in bitcoin and $2,800 in ethereum. I think these levels are very important for people to look at. As long as they remain at these levels, the cryptocurrency market is in good shape.”

Ethereum fights over $2,900

As usually happens when the BTC heads south, most altcoins follow suit. Ethereum (ETH) leads the adverse trend with a drop of 6.5%. A few days ago, ETH was well above $3,100, but has now dropped to approximately $2,913 – R$15,711 on Brazilian cryptocurrency exchanges.

Read too: Bitfinex spent $23.7 million in fees on a single transaction on Ethereum

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The rest alternative currencies are in a similar situation within 24 hours. As a result of that drop, market capitalization dropped below $2 trillion this morning.

The result of the main altcoins in the last 24 hours is as follows: Ethereum (-6.17%), Cardano (-4.64%), Binance Coin (-3.43%), Ripple (-3.39%), Solana (-8.81%), Polkadot (-5.39%), Dogecoin (-2.62%), Avax (-5.48%), Terra (-4.26%), Uniswap (-0, 73%) and Chainlink (-4.02%).

Follow the crypto market news on the Cointimes Telegram group, access.

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