Market Watch: Bitcoin Rejected at $25K, Filecoin Explodes 18%

By akohad Feb17,2023


After skyrocketing by almost $4,000 in two days, bitcoin finally met some serious resistance at $25,000 and was pushed south violently.

Most altcoins have also retraced following the latest price gains, with a few exceptions. FIL stands as the most significant gainer today.

Bitcoin Stopped at $25K

The landscape until two days ago couldn’t really forecast what was about to happen. The regulatory scrutiny from US authorities against the crypto industry had taken its toll on bitcoin, pushing it from over $24,000 to under $22,000.

However, the situation changed on Wednesday evening when BTC suddenly skyrocketed from $21,500 to and beyond $23,000. The bulls drove it further north on the next day, reaching $24,900.

Although BTC came short at first at exceeding $25,000, it finally did so hours ago, registering its highest price tag in about six months. However, the bears stepped up at this point and didn’t allow any further increases. Just the opposite, they drove bitcoin south hard, pushing it down to under $24,000 as of now.

Nevertheless, its market capitalization has remained above $450 billion, while its dominance stands first north of 42%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView


The altcoins experienced similar gains over the past few days, many of which recorded multi-month highs. In the case of OKB, the asset even painted an all-time high above $50 following the announcement of OKBChain.

On a daily scale, though, most alts have retraced, some harder than others. APT is among the poorest performers now, having dumped by 11.5% in a day.

Ethereum has declined below $1,700 after a 1% drop. Binance Coin, Ripple, Cardano, Dogecoin, Solana, Shiba Inu, Tron, and Litecoin have gone down by approximately 4%.

MATIC continues on its way up, charting another 4% increase today. However, Filecoin and ICP have presented the most impressive gains. The latter is up by 18%, touching $6.5, while the former sits above $6.5 after a 9.5% surge.

The crypto market cap has lost around $20 billion since yesterday’s peak and stands just under $1.1 trillion.

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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