Bitcoin Fails at $17K, Solana Falls Another 5% (Market Watch)

Bitcoin started another run towards $17,000, but was stopped in its tracks and has retreated by a few hundred dollars.

Altcoins are pretty calm on a daily scale. However, Solana continues to lose value following the recent problems with related companies.

Bitcoin stopped short of $17K

Ever since the FTX saga began to unfold two weeks ago, the primary cryptocurrency has been in a state of knockdown. The most significant price drop came days after the stock market collapse and sent BTC to a two-year low of $15,600.

It jumped fairly immediately to over $18,000, but it was short-lived. In the following hours, it fell back 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 sitting. It tried to overcome that level yesterday, but came up just inches before the Bears came to play.

As of now, BTC is a few hundred dollars south of that line. The market capitalization is up to 320 billion dollars and the dominance over the alternative coins is 38.5%.

SUN falls again

The aforementioned crash of FTX and Alameda affected several crypto projects that were related to the two SBF entities. Solana was one of them. SOL dumped 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, pushing the native asset’s price south again. A 4.5% decline has pushed SOL below $14.

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

LTC, QNT and CHZ are among the top 50 crypto assets by market capitalization, with gains of up to 8.5%.

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