Bitcoin Failed at $17K, Solana Drops Another 5% (Market Watch)

Time Stamp: November 18, 2022 4:56 AM

Bitcoin initiated another run toward $17,000 but was stopped in its tracks and has retraced by a few hundred dollars.

The altcoins are quite calm on a daily scale. Solana, though, continues to lose value after the recent troubles with related companies.

Bitcoin Stopped Ahead of $17K

Ever since the saga with FTX began to unfold two weeks ago, the primary cryptocurrency has been in a state of a knockdown. Its most substantial price drop came days after the collapse of the exchange and saw BTC plummeting to a two-year low of $15,600.

It bounced off rather immediately to over $18,000, but that was short-lived. In the following hours, it dipped back down to $17,000. The landscape worsened a few days later when bitcoin fell below $16,000.

However, the bulls intervened at this point and drove it north to around $17,000, where it has been situated. It tried to overcome that level yesterday but came just inches away before the bears came to play.

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As of now, BTC stands a few hundred dollars south of that line. Its market cap is up to $320 billion, and its dominance over the alternative coins is at 38.5%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SOL Drops Again

The aforementioned crash of FTX and Alameda impacted several crypto projects which were related to the two SBF entities. Solana was one of them. SOL dumped to below $9 at one point during the collapse but recovered a lot of ground in the following days.

However, several crypto exchanges have now decided to distance themselves from Solana-based stablecoins, which pushed the native asset’s price south again. A 4.5% decline has pushed SOL down below $14.

The rest of the larger-cap alts are with slight gains. This is evident from Ethereum, Binance Coin, Ripple, Dogecoin, Cardano, Polygon, Polkadot, and Shiba Inu.

LTC, QNT, and CHZ are among the best performers from the top 50 crypto assets by market cap, with increases of up to 8.5%.

Overall, the crypto market cap has remained relatively still at $835 billion.

Crypto Market Overview. Source: Quantify Crypto
Crypto Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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