Bitcoin Flat, Dogecoin Down, Ethereum Edges Up — Is The Crypto Rally Running Out Of Steam Already?

Zinger Key Points
  • Bitcoin flat even as other risk assets such as equities ended Tuesday higher
  • Analysts expect the apex coin to once again get trapped in a range, albeit at a higher level
  • Altcoins seeing a revival but traders are betting against some that saw big surges recently

Bitcoin traded flat, Dogecoin slipped, while Ethereum edged higher on Tuesday evening, as the global cryptocurrency market cap rose 1.8% to $2.15 trillion.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD 0.04% 11.65% $47,319.85
Ethereum ETH/USD 0.95% 13.9% $3,385.40
Dogecoin DOGE/USD -1.3% 19.9% $0.15
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Waves (WAVES) 49.5% $47.67
Gnosis (GNO) +25.4% $523.75
Terra (LUNA) +10.5% ​​$104.92

See Also: How To Buy Bitcoin (BTC)

Why Is It Moving?  Bitcoin touched an intraday high of $48,022.29 on Tuesday, but the rally in the apex coin appears to be tiring out. 

Other risk assets such as equities ended the day in the green. The S&P 500 and Nasdaq closed 1.2% and 1.8% higher, respectively, on Tuesday. 

That came after Russia pledged to cut down on military activity around the Ukrainian capital Kyiv, while Ukraine proposed adopting neutrality, according to a report from Reuters.

“It looks like Bitcoin is going to consolidate here and could be vulnerable to profit-taking towards the $45,000 level. The long-term bull case for Bitcoin is still in place, but exhaustion in the recent runup is settling in,” wrote Edward Moya, a senior market analyst from OANDA.

Traders are expecting Bitcoin to get rejected at around the $45,000 resistance mark as more than half of all Binance Futures accounts are net short on the apex coin, according to chart analyst Ali Martinez.  

Cryptocurrency trader Michaël van de Poppe said on Twitter he was looking at the $45,700 and $46,000 levels for a “short-term correction,” as a new range had been made for Bitcoin between $46,000 and $52,000. 

As altcoins see a revival in March, traders are going long on several surging cryptocurrencies but betting against some such as Waves (WAVES), Dent (DENT), and Axie Infinity (AXS), according to a tweet from market intelligence platform Santiment. 

Read Next: Bitcoin, Ethereum, Altcoins Saw $193M Inflows Last Week: Here's Where Majority Of The Bullishness Is Coming From

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Posted In: CryptocurrencyMarketsMoversTrading IdeasBitcoindogecoinEthereumRussia-Ukraine Crisis
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