Cryptocurrency Market Turns Red As Bitcoin Struggles Near $42,000

The cryptocurrency market turns red as Bitcoin struggles near the $42,000 price range with some bigger substantial price losses being evident from Ripple, Polygon, and Avalanche so let’s read furhter in today’s altcoin latest news.

After failing to overcome the $43,000 price range, bitcoin continues to struggle around the ATH from January at $42,000 and the alternative coins are also in the red with some more notable price drops from MATIC, Avalanche, Ripple being evident. The cryptocurrency market turns red after Bitcoin initiated an impressive leg up which resulted in hitting a five-week high of under $46,000. This came after the enhanced volatility caused by the US inflation rate news which saw a 40-year peak of 7.5%.

While the bulls were preparing for another offensive, the bears came into play and turned the trajectory upside down, and in a matter of hours, BTC dropped by $3000. the crypto bounced off and hit $44,000 but then turned out to be a fake breakout with Bitcoin going south again and dipping below $42,000 for the first time in one week. As of now, the asset is standing over the line which is where the 50-MA is situated and the market cap stands at $800 billion as a result. The alternative coins registered some major gains last week but most are in the red. Ethereum traded above $3200 but it is down below $2900 following another 2% drop since a day ago.

Binance Coin lost a similar percentage and now struggles below $400 while Ripple was the biggest gainer lost more than 5% and it is now below $0.8. Cardano, Terra, Solana, Polkadot, Avalanche, CRO, and MATIC all saw losses on a daily scale and further price drops were evident from Oasis Network which dropped 11%, Helium that dropped 12%, and Flow that dropped 8%. The cryptocurrency market cap is down by $40 billion in one day and over $100 billion since Friday to a level of $1.9 trillion.

As recently reported, XRP charted the most impressive gains with an 8% increase. Bitcoin’s correction stopped at a crucial level around $42,000 which was the January high and most other altcoins also stalled or displayed some minor gains with Ripple aside which went on a tear with an impressive 8% surge. It was just a few days ago when the biggest cryptocurrency went through a highly volatile phase and it became evident that the US market had a new 40year record in terms of inhalation dates.