Following a decent recovery on Monday, the market remained fairly stable on Tuesday, with majors seeing some red as Bitcoin and Ethereum dipped 4% and 5%, respectively.
Last week’s Bitcoin and alt sell-off might have been brutal, and the bloody weekend that followed would have hurt a lot of traders and investors. However, Monday offered some reprieve as markets saw a dramatic recovery. Although, that would be short-lived as Tuesday saw a topsy-turvy market with red dominating the day.
Bitcoin and Ethereum both dropped over 4% on Tuesday as Bitcoin remains unable to break $50,000. The resistance mimics the movements seen around Valentine’s Day as Bitcoin failed to break the level several times.
Ah, not $BTC teasing a full retrace of yesterday’s bounce. pic.twitter.com/WruVPjhlWc — Loma (@LomahCrypto) March 2, 2021
Rollercoaster of Emotions For Ethereum
Ethereum had a volatile day. Following a decent 6.5% gain early on Tuesday, Ethereum was sitting at just under $1,600. But that was short-lived as the crypto then proceeded to drop over 8.5% before seeing a slight recovery. Still putting it down on the day. Ethereum remains down 27% from its previous all-time high of $2,042 set on Feb. 20.
However, the recent price decline has not deterred buyers as recent data has proved that Grayscale investments have been buying the dip during the price correction. Grayscale picked up an additional 3,347 Ethereum during the last 24 hours. The average price being $1,555 means the estimated buy sits at $5 million.
Top 100 Biggest Gainer , Bitcoin Stalls
On Tuesday, the biggest gainer sees Energy Web Token (EWT) climbing nearly 30% to break into the top 100. The surge in price is likely due to the announcement of being listed on Kraken Exchange.