Bitcoin (BTC) Fails to Recover Above $45K While Several Altcoins Defy Market-wide Slump
The BTC price struggles to reclaim the $45K level after sliding from a local high above $46K over the weekend. Bulls are still struggling to recover from a recent flash crash that took the coin towards $42K on El Salvador’s “Bitcoin Day.”
These Altcoins Moved against the Market Slide
Data from crypto monitoring website Santiment shows that bitcoin dipped to $44.7K on Monday amid a market-wide slide that saw numerous tokens dump.
ETH, the most influential altcoin, remains at risk of dipping below $3K after failing to clear the $3,450 resistance over the weekend. Other altcoins that have shed massive gains include Solana (SOL), Uniswap (UNI), and Terra (LUNA).
Despite the recent sell-off that has hit the crypto market hard, several altcoins have defied the odds to thrive over the past week.
Algorand (ALGO) started an uptick on September 8 amid strong buying from retail investors. The bulls propelled the price above the breakout level near $1.84 over the weekend, opening the door for further gains. The ALGO/USD pair logged a daily close of $2.42 on Sunday before correcting slightly lower.
Meanwhile, Elrond (EGLD) enjoyed strong demand over the past week as bulls regained control of the token’s price action. The EGLD/USDT pair reached a lifetime high on September 11 as buying pressure pushed the price higher.
In the coming sessions, the EGLD bulls could attempt to thrust the price above $245.80 and kick start the next leg of the rally. Santiment data also highlights the One token as a standout performer in the market over the past few days.
OTC Deals Hit Two-year High
According to on-chain analysis and trading platform KyptoniteTrade, bitcoin transfers have hit a two-year high, indicating huge OTC deals are occurring.
The data shows that whales and institutional investors make more peer-to-peer trades as BTC undergoes its current consolidation phase. The 30-day average fund flow has also dipped to a seven-year low, confirming that OTC deals are increasing.
Even with the current range-bound trading, one analyst is convinced that the BTC price could be ready for $50K if it achieves a higher low construction.
“Looking at a higher low to be constructed at bitcoin and then we’re ready to go toward $50K,” the analyst tweeted.
BTC is Getting More Popular Amongst Retailers
The hype generated by El Salvador’s move to embrace bitcoin as legal tender has caught the attention of retail investors. This group of market participants has mostly stayed on the sidelines as institutions fueled the BTC rally since Q4 of 2020.
However, growing FOMO among retailers has spiked since El Salvador adopted the premier cryptocurrency as legal tender. The event was seen as a significant milestone for widespread crypto adoption and will likely make bitcoin more popular across the globe.
