EthereumPoW (ETHW) Crashes 11%, Bitcoin Stopped Ahead of $20K: Market Watch

By akohad Oct19,2022


Bitcoin tried its hand at taking down $20,000 but was stopped in its tracks as with most previous attempts.

The altcoins have followed suit south, and LUNC and ETHW are among the poorest performers on a daily scale.

Bitcoin Stopped Ahead of $20K

After the rollercoaster last week, bitcoin calmed when the weekend started at around $19,000 and spent most of it there without any substantial price moves in either direction.

The landscape remained relatively the same on Monday, at least in the early hours. More fluctuations came later in the day when BTC began rising. This culminated in a price jump to $19,700.

As the bulls were preparing for a run up toward $20,000, the situation changed, and bitcoin started to retrace. It lost all the momentum and has returned back down to just over $19,000.

On-chain data, however, suggests that there might be more pain on the horizon since the asset seems to be trading similarly to the bear market in 2018.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

As a result of today’s retracement, bitcoin’s market cap is down to $370 billion, and its dominance over the alts has taken a minor hit to 39.9%.

ETHW and LUNC Drop Hard

Most altcoins enjoyed the past couple of days with slight gains, but they have followed bitcoin south today.

Ethereum had added about 5% in that aforementioned timeframe and had pumped to almost $1,350. However, the rejection at that level has pushed the second-largest crypto back down to $1,300.

Ripple and Cardano have lost the most from the larger-cap alts – over 3% daily. Binance Coin, Solana, Dogecoin, Polkadot, MATIC, and Shiba Inu are also in the red from the larger-cap alts. Tron, Leo, and Uniswap are among the few exceptions with minor gains.

Aptos’ native token went through a rollercoaster after its listing on exchanges. More daily losses come from EthereumPow and Terra Classic – down by 11% and 7.5%, respectively.

The crypto market cap has seen $10 billion gone in a day and is back down to $925 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.


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By akohad

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