February 3, 2023

Bitcoin Eyes $17K, Ethereum Classic Jumps 5% (Market Watch)

Bitcoin Eyes $17K, Ethereum Classic Jumps 5% (Market Watch)


Bitcoin tried its hand at taking down $17,000 hours ago but was stopped in its tracks and now sits close by.

Most altcoins are with insignificant gains or losses, aside from ETC, which pumped by around 5% in a day.

Bitcoin Stopped at $17K

It was less than a week ago when the primary cryptocurrency was flying higher at over $18,000. However, the overall bearish market sentiment didn’t allow the asset to continue further or even remain there.

BTC started retracing in the following days, losing over $1,000 at one point. This culminated in a drop to $16,300 registered yesterday, which became bitcoin’s lowest price position since the end of November.

Nevertheless, the bulls stepped up at this point and reversed BTC’s price trajectory. The asset bounced off rather quickly and added a few hundred dollars.

It even pumped to just over $17,000 earlier today. However, that was short-lived, and BTC returned below that level almost immediately, where it’s currently situated as well.

Its market cap has remained around $325 billion, while its dominance over the altcoins is at an even 40% on CoinMarketCap.

BTCUSD. Source: TradingView

ETC Jumps the Most

Most alternative coins also felt similar volatile moves in the past week or so, but the past 24 hours have been completely different.

Ethereum managed to reclaim $1,200 yesterday following a brief dip below that line and currently sits just above it after a minor daily increase.

Binance Coin, OKB, Tron, and Litecoin have also charted gains of up to 2% in a day. In contrast, Ripple, Dogecoin, Cardano, Polygon, Polkadot, and Shiba Inu are with minor losses.

Ethereum Classic is the best performer from the top 50 largest digital assets. It’s up by about 5% and trades close to $17.

Overall, the crypto market cap has remained still at just over $800 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



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