Filecoin (FIL) Skyrockets 15% Daily, Bitcoin (BTC) Losses $52K Level (Market Watch)

Bitcoin tried its hand to initiate another leg up in the past 24 hours but was stopped in its tracks and has slipped by almost a grand since then to under $52,000.

Most altcoins, such as SOL, AVAX, LINK, and MATIC, are also in retreat today, with losses of around 3-4%.

BTC Slips Below $52K

The primary cryptocurrency had two equally as impressive consecutive weeks at the start in the middle of February, in which it gained nearly $15,000 from the bottom to the top. The latter came after several days with price surges in a row and culminated on February 15 at $52,900. This became Bitcoin’s highest price tag since late 2021.

The following few days were a lot more quieter. BTC failed to continue its rally and even dumped to $50,500 on Saturday. It managed to recover most losses on Sunday and Monday and went as high as $52,400 yesterday.

The bears, though, came back and didn’t allow any further increases. Just the opposite, BTC has lost some ground over the past 24 hours and now trades way beneath $52,000.

Its market capitalization remains above $1 trillion, and its dominance over the altcoins has been declining lately and is now down to 49.2% on CG.

BTCUSD. Source: TradingView

Alts See Minor Retracements

Ethereum has been at the forefront of the recent altcoins rally. ETH jumped above $2,900 yesterday to chart a 21-month peak. Now, though, the second-largest digital asset has lost around 1% of value and sits just under that line.

More losses come from the likes of Solana, Cardano, Avalanche, Chainlink, Polygon, and ICP. All of those assets have declined by somewhere between 2-4%.

FIL is among the few exceptions. Filecoin has risen by 15% over the past day and now trades at $7.5. Arweave is up by double-digits as well (13%) and trades close to $15.

The total crypto market cap, though, has seen $20 billion gone overnight and is down to $2.060 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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