After a few days of flirting with the $60,000 line, BTC has failed at breaching the milestone and has dropped to $57,000. Most large-cap alternative coins are also well in the red, except Ripple (XRP), which has surged by 8% to over $0.51.
Bitcoin Drops $3K after Failing at $60K: Whales In Charge?
Following a somewhat sharp recovery after the latest steep decline to $53,200, and for the past few days, bitcoin remained relatively stagnant, just beneath the $60,000 price tag. The primary cryptocurrency even attempted a few breakouts above that psychological level but to no avail.
The latest rejection came just hours ago. This failure drove the asset vigorously south, and BTC lost about $3,000 of value to an intraday low of beneath $57,000.
Despite recovering a few hundred dollars since then, bitcoin is still trading roughly 3% down on a 24-hour scale. Interestingly, this price dip could be somewhat related to BTC whales disposing of their coins.
According to data from Glassnode, the number of whales holding at least 1,000 coins (worth north of $57 million) has declined in the past several days to a new monthly low of 2,270. For comparison, there were over 2,500 such addresses in mid-February.
Alts in Red But Not XRP
The altcoin market remained relatively calm, as reported yesterday, but red dominates the majority today. Ethereum has slipped by more than 2% and now trades below $1,800.
Binance Coin (BNB) is also down by about 2% to $265, UNI (-3%) sits beneath $33, and LTC (3%) struggles below $200.
Cardano, Polkadot, and Chainlink have lost the most from the top ten. ADA is down by 4.5% to $1.2, DOT (-5%) fights to stay above $37, and LINK (-5%) has dipped below $30.
Interestingly, Ripple (XRP) is the only exception. The asset has jumped by 8% on a 24-hour scale and has neared $0.52. This comes amid numerous filings between the payment processor and the SEC to the federal court in their ongoing legal battle trying to determine if XRP is indeed a security.
CryptoCom’s CRO Coin is the most significant loser since yesterday with a 15% drop to $0.21. Pundin X (-14%), BitTorrent (-13%), Avalanche (-12%), Siacoin (-12%), Curve DAO Token (-11%), and Stacks (-10%) follow.
Despite a few gainers like VeThor Token (45%) and MVL (30%), the cumulative market cap has lost about $80 billion in a day and is beneath the coveted $1.8 trillion mark.