After several consecutive days of impressive gains, bitcoin pulled back slightly and lost about $2,000 since its local peak. The altcoins have calmed down on a daily scale, with the exception of a few lower and mid-caps that rose, such as Tezos (XTZ). Bitcoin’s Peak and Subsequent Retracement Since February 4, when the price of the largest cryptocurrency struggled below $38,000, the overall landscape has been very optimistic. Bitcoin kicked off an impressive boom in which it reclaimed $40,000 for the first time in weeks and only continued to climb. This resulted in it touching $43,000 and $44,000 on Feb. 7 before the bulls pushed BTC north, as reported yesterday. This culminated in touching $45,500, which became the highest price tag bitcoin saw in more than a month. However, after making $8,000 in a few days, the community expected some sort of retracement, and it arrived shortly after this peak. It propelled the cryptocurrency by about $3,000 to $42,500, but the asset responded quite well, recovering $1,000 in the following hours. As such, its market cap remains well above $800 billion, and its dominance over the altcoins is close to 42%. BTCUSD. Source: TradingView Tezos on the Move Most alternative currencies posted equally impressive gains over the past week. Ethereum struggled to stay above $2,000 to a multi-week high north of $3,100. The second-largest cryptocurrency has since calmed down, but it’s still around that line. The other higher capitalized alts have either stalled or slumped slightly. Binance Coin is down 3%, Solana at 2.6%, Terra at 3.5%, Dogecoin at 3%, while Shiba Inu has lost the most (-6%). This is despite the recent introduction of Metaverse real estate by the memecoin project. LEO Token is the best performing on a daily scale with a massive 50% increase. This may be a direct result of the positive development regarding the Bitfinex hack. Tezos is another impressive performance after rising 12%. Consequently, XTZ is now trading above $4.5. The crypto market cap reached $2 trillion yesterday but is slightly below that line after a small daily decline. Cryptocurrency market overview. Source: Quantify Crypto SPECIAL OFFER (Sponsored) Binance Free $100 (exclusive): Use this link to register and get $100 free and 10% off Binance Futures first month fees (conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to receive up to $7,000 on your deposits. Disclaimer: Information on CryptoPotato is that of quoted writers. It does not represent CryptoPotato’s views on buying, selling or holding any investments. You are advised to do your own research before making any investment decisions. Use information provided at your own risk. See Disclaimer for more information. Cryptocurrency Charts by TradingView.
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