Arbitrum

Frax Share

Polygon

Avalanche

Frax

Bitcoin went to $28,000 yesterday, but the immediate rejection pushed it back down to $27,000 to chart a nearly one-month low.
The alternative coins are in no better shape, either, with some, such as ARB and FXS, dumping by over 25% on a weekly scale.
<h2 id="bitcoin-8217-s-new-local-low">Bitcoin&#8217;s New Local Low</h2>
A lot can change in the cryptocurrency markets in the span of a few weeks. 10 days ago, bitcoin stood above $30,000 and even challenged $31,000 to mark its highest price point since June last year. However, the bears stepped up at that point and reversed the asset&#8217;s trajectory.
BTC fell below $30,000 days later and began losing value rapidly last week. This resulted in dropping to $27,500 by Friday and Saturday. After a few days of <a href="https://cryptopotato.com/bitcoin-struggles-above-27k-injective-inj-nosedives-12-daily-market-watch/" data-wpel-link="internal">trading sideways</a>, BTC attempted a price pump to $28,000 but was stopped after tapping that line.
The rejection brought it south by a grand, and bitcoin registered its lowest price position in almost a month at $27,000. It has recovered some ground since then and has maintained that level, but it&#8217;s still 8% down weekly.
Its market capitalization has stalled at $530 billion, while its dominance over the altcoins is at 46%.
<figure id="attachment_247786" aria-describedby="caption-attachment-247786" style="width: 1834px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/04/BTCUSD-20.png" data-wpel-link="internal"><img class="size-full wp-image-247786" src="https://cryptopotato.com/wp-content/uploads/2023/04/BTCUSD-20.png" alt="BTCUSD. Source: TradingView" width="1834" height="907" srcset="https://cryptopotato.com/wp-content/uploads/2023/04/BTCUSD-20.png 1834w, https://cryptopotato.com/wp-content/uploads/2023/04/BTCUSD-20-300x148.png 300w, https://cryptopotato.com/wp-content/uploads/2023/04/BTCUSD-20-1024x506.png 1024w, https://cryptopotato.com/wp-content/uploads/2023/04/BTCUSD-20-768x380.png 768w, https://cryptopotato.com/wp-content/uploads/2023/04/BTCUSD-20-1536x760.png 1536w, https://cryptopotato.com/wp-content/uploads/2023/04/BTCUSD-20-50x25.png 50w" sizes="(max-width: 1834px) 100vw, 1834px" /></a><figcaption id="caption-attachment-247786" class="wp-caption-text">BTCUSD. Source: TradingView</figcaption></figure>
<h2 id="arb-fxs-dump-hard-weekly">ARB, FXS Dump Hard Weekly</h2>
The alternative coins also traded a lot higher a few weeks back but have lost most of that momentum. ETH, for example,<a href="https://cryptopotato.com/ethereum-eth-tapped-new-11-month-high-bitcoin-btc-slips-below-30k-market-watch/" data-wpel-link="internal"> went to over</a> $2,100 after the Shapella update completion but has since lost roughly $300. As a result, the second-largest cryptocurrency struggles to remain above $1,800 as of now.
Most of the larger-cap alts are in the red on a daily scale. This includes Ripple, Cardano, Dogecoin, Solana, Polkadot, and Shiba Inu. Polygon has dropped the most (3%) and is down below $1.
Avalanche is among the few alts in the green, gaining 3% on the day and jumping to $17.
On a weekly scale, the situation with Arbitrum and Frax Share is the most painful. Both assets have declined by over 25% to $1.3 and under $8, respectively.
The total crypto market cap has remained relatively still at $1.150 trillion.
<figure id="attachment_247787" aria-describedby="caption-attachment-247787" style="width: 1882px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/04/Allcoins-2.png" data-wpel-link="internal"><img class="size-full wp-image-247787" src="https://cryptopotato.com/wp-content/uploads/2023/04/Allcoins-2.png" alt="Cryptocurrency Market Overview. Source: Quantify Crypto" width="1882" height="880" srcset="https://cryptopotato.com/wp-content/uploads/2023/04/Allcoins-2.png 1882w, https://cryptopotato.com/wp-content/uploads/2023/04/Allcoins-2-300x140.png 300w, https://cryptopotato.com/wp-content/uploads/2023/04/Allcoins-2-1024x479.png 1024w, https://cryptopotato.com/wp-content/uploads/2023/04/Allcoins-2-768x359.png 768w, https://cryptopotato.com/wp-content/uploads/2023/04/Allcoins-2-1536x718.png 1536w, https://cryptopotato.com/wp-content/uploads/2023/04/Allcoins-2-50x23.png 50w" sizes="(max-width: 1882px) 100vw, 1882px" /></a><figcaption id="caption-attachment-247787" class="wp-caption-text">Cryptocurrency Market Overview. Source: Quantify Crypto</figcaption></figure>
The post <a href="https://cryptopotato.com/arbitrum-down-25-weekly-bitcoin-slipped-to-monthly-low-market-watch/" rel="nofollow">Arbitrum Down 25% Weekly, Bitcoin Slipped to Monthly Low: Market Watch</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Arbitrum Down 25% Weekly, Bitcoin Slipped to Monthly Low: Market Watch

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