Bitcoin struggles below 57K, Ethereum takes consolidates below $4,600, LUNA soars 60% in a week as altcoins stall
Bitcoin continues to struggle below $57,000 as it tries to reclaim its lost glory.
On Monday, Bitcoin initiated an impressive price rise adding more than $4,000 in hours and surpassing $58,000. It tried to challenge $59,000 for the first time this week to no avail.
After successive rejection, BTC continued to try and shortly exceeded the $59,000 line, however, the bears countered that with a drop.
The same scenario repeated yesterday as we saw Bitcoin trading at around $57,000 before it skyrocketed to $59,000. However, it failed to remain at the top and dropped below $56,000 hours later.
Currently, Bitcoin has reclaimed some grounds although the market capitalization is still below $1.1 trillion while its market dominance is currently below 41%.
Rest of the crypto market
Apart from Bitcoin, other major cryptocurrencies have also remained in the red on December second but have started the day (December 3) on the green.
Ethereum, the second-largest cryptocurrency, was 1% away from tapping a new all-time high on December 1 although it did not manage to get above $4,800. The bears have now driven ETH below $4,600 after a minor 24-hour drop of 0.96%.
While a majority of cryptocurrencies stalled, Terra (LUNA) soared 60% in one week.
LUNA set a new all-time high (ATH) at $65 last week.
While other altcoins like Solana (SOL) and Dogecoin (DOGE) are bullish, Terra (LUNA) is among the best performing altcoins with a double-digit surge.
Additionally, other coins have also made considerable gains. For example Voyager Token is up 35%, Stacks is up 27%, Curve DAO Token is up 19%, Polygon (MATIC) is up 13%, KuCoin Token is up 12%, and Nexo is up 11%.