Bitcoin Slows Down After Touching $12,500: Crypto Market Watch

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Bitcoin bulls have successfully retained its price above the psychological $12,000 level after yesterday’s push.
Elsewhere, Chainlink retraced considerably since marking consecutive ATHs, while Yearn.Finance reached a fresh all-time high just a few hours ago.

Bitcoin Price Holds $12,000

The primary cryptocurrency attempted to overcome the $12,000 mark a few times this year without any success. Each time, the bears stepped in and drove the price south rather rapidly.

After yesterday’s price surge from $11,800 to its new yearly high of $12,450, however, the situation appears different. Although BTC has retraced slightly to about $12,220 at the time of this writing, it has managed to retain its position above $12,000.

BTCUSD 5m. Source: TradingView
BTCUSD 5m. Source: TradingView

Gold also pumped during yesterday’s trading session and challenged $2,000. The precious metal was rejected at that point, but it still hovers just beneath it. As such, gold and Bitcoin have doubled-down on its similar performance as of late.

Gains were also evident in the stock markets yesterday. The S&P 500 pumped by approximately 0.5% and closed just shy of its all-time high record charted in February. While the S&P still couldn’t break its own ATH, Nasdaq did after an increase of 1% to $11,130. Dow Jones is the only one of the big Wall Street trio with a slight decrease of 0.4%.

Altcoins On The Move

Following Bitcoin’s latest move, most larger-cap alts didn’t follow the move initially, which resulted in BTC regaining some of its lost dominance over the market.

Eventually, altcoins caught up and some even outperformed Bitcoin. Ripple is 5.5% up to $0.315, Bitcoin Cash (4%) to $317, Litecoin (4.5) to $66, BitcoinSV (4.2%) to $228, and Cardano (2%) to $0.14.

Tron continues with its massive price increase ever since announcing the strategic partnership with Waves to enhance mass adoption in the DeFi sector. TRX has jumped with 63% from $0.019 to $0.031 in less than a week.

crypto_market_heat_map
Cryptocurrency Market Heat Map. Source: Coin360.com

The most significant gains come from Fetch.ai (30%), Flexacoin (27%), and Yearn.Finance – 25%. It’s worth noting that YFI, a coin intended to have no financial value, reached another ATH at nearly $9,300 (on Binance) earlier today.

The double-digit increase club is also represented by Ocean Protocol (17%), Ren (12%), NEM (11.6%), Aave (11.5%), and Balancer (11.2%).

On the other hand, Algorand drops by 15%, while Chainlink, one of the most impressive performers in the past few months, has lost 10% of its value to about $17. Kava, iExec RLC, and Swipe all decrease by approximately 10%.

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Cryptocurrency charts by TradingView.




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