Bitcoin Declines to $25K, Filecoin Explodes 18%

After skyrocketing nearly $4,000 in two days, bitcoin finally faced serious resistance at $25,000 and was pushed violently south.

Most altcoins have also retreated after recent price gains, with a few exceptions. FIL stands as the most important winner today.

Bitcoin stopped at $25K

The landscape until two days ago could not really predict what was about to happen. The US government’s regulatory scrutiny of the crypto industry had taken its toll on bitcoin, pushing it from above $24,000 to below $22,000.

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

Although BTC first fell short of surpassing $25,000, it finally did so hours ago, registering its highest price tag in about six months. However, the bears went up at this point and did not allow any further increases. On the contrary, they drove bitcoin hard south, pushing it down below $24,000 as of now.

Nevertheless, the market value has remained above 450 billion dollars, while the dominance is only north of 42%.

FILE, ECP, MATIC Shoot Up

Altcoins experienced similar gains in recent days, many of which registered multi-month highs. In the case of OKB, the asset even hit an all-time high above $50 after the announcement of OKBChain.

On a day-to-day scale, however, most altars have regressed, some harder than others. APT is among the worst now, having dumped 11.5% in a day.

Ethereum has fallen below $1,700 after a 1% drop. Binance Coin, Ripple, Cardano, Dogecoin, Solana, Shiba Inu, Tron and Litecoin are down by about 4%.

MATIC continues to rise, showing a further 4% increase today. However, Filecoin and ICP have presented the most impressive gains. The latter is up 18%, touching $6.5, while the former is above $6.5 after a 9.5% increase.

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