Bitcoin soared to a new three-week high of $52,000, but was quickly rejected, causing it to plummet by a few thousand dollars. The altcoins are also in the red, with Ethereum dropping below $4,000 for the first time.
At $52K, Bitcoin is rejected.
The principal cryptocurrency has had a good few days, having broken above $50,000 on Christmas Eve. It climbed much higher over the weekend, approaching $52,000.
The bears intercepted the movement and pushed it south in the hours that followed, but BTC refused to go. It began to recoup its worth and surpassed $50,000 once more. It also proceeded to rise this time, reaching a new three-week high of $52,000.
This venture, however, was short-lived, as bitcoin began to lose value quickly. It plunged by than $3,000 in just a few hours, reaching under $49,000. It has since recovered and is trading above $49,000, but it is still down 2.5 percent on the day.
The altcoins made significant gains yesterday, but they are all in the red today. For several days, Ethereum traded above the coveted $4,000 mark, but a 3% drop in the last 24 hours has pushed the second-largest cryptocurrency well below it.
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