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5 February 2023
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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.


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


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


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%).

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