Global blockchain supervision and query platform


Bitcoin loses $48K on Wall Street open as trader warns altcoins look 'REKT' against BTC

 Bitcoin loses $48K on Wall Street open as trader warns altcoins look 'REKT' against BTC WikiBit 2021-12-13 14:57

Bitcoin slips further from $50,000 despite BTC holding on to its 40% market cap dominance.

William Suberg

Bitcoin loses $48K on Wall Street open as trader warns altcoins look 'REKT' against BTC

Bitcoin dominance holds firm despite fresh USD losses as traditional finance trading gets underway.

318 Total views

Listen to article


Market Update

Bitcoin (BTC) declined into the Wall Street open on Dec. 13 as stocks came off Friday's record close.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD diving below $48,000 to reach multi-day lows at the time of writing.

Equities had been tipped to add to all-time highs prior to the start of trading, this getting off to a cold start on the day with gains slipping.

Correspondingly, Bitcoin added to losses which totaled over $3,000 in 24 hours.

Traders thus continued to eye sideways or consolidatory movements for the near term, steering clear of any outright bullish calls.

“Something like this would drive people nuts,” Scott Melker, known as the Wolf of all Streets, commented on a fresh chart prediction.

“This is what I have been preparing myself for since the drop 10 days ago. I would prefer Up Only, so let's hope that's what we get.”

Others had already called for limp price action concluding 2021, this countered by on-chain metrics calling for a return to strength for markets.

“BTC may be repeating the consolidation period it also experienced following its May 2021 crash,” trader and analyst Rekt Capital added on the day.

He highlighted Bitcoin's 50-week exponential moving average (EMA) and 21-week EMA as support and resistance levels respectively.

Bitcoin preserves 40% market cap dominance

Altcoins looked bleak as Bitcoin fell, fuelling suspicions that a return of “altseason” may have to wait.

Related: ‘I think BTC is ready’ — 5 things to watch in Bitcoin this week

Bitcoin market cap dominance, while hovering near six-month lows, managed to bounce back above 40% after a brief breakdown Thursday.

Alts look rekt.

— filbfilb (@filbfilb) December 13, 2021

The latest move further threatened the stronger outliers in the altcoin story in recent weeks, notably Ether (ETH) against Bitcoin, which reversed from three-year highs to challenge new support.

“Overall, I think we are in 'buy the dip' zones,” Cointelegraph contributor Michaël van de Poppe argued on the broader major cap altcoin scene in his latest YouTube update.

  • #Bitcoin

  • #Altcoin

  • #Ethereum

  • #Bitcoin Price

  • #Markets

  • #Ether Price

Related News

  • Blockchain to Disrupt Music Industry and Make It Change Tune

  • Security network develops new NFT standard to address existing flaws with ERC-721

  • Blockchain folk hero Nandy Martin hopes to build a better community for Haitians in Miami

  • Bitmart pledges to reimburse hack victims as crypto community voices support

  • Bitcoin could 'consolidate until 2022' after mass wipeout sends BTC price to $41K

  • Top 5 cryptocurrencies to watch this week: BTC, ETH, MATIC, ALGO, EGLD

Editors Choice

  • Myanmar shadow government declares stablecoin USDT an official currency

  • ‘Monster bull move’ means whales could secure the next Bitcoin price surge

  • Solana on-chain development increases after a recent DDoS attack

  • Only 10% of the Bitcoin supply left to mine

  • Robinhood partners with Chainalysis ahead of crypto wallet launch

Cointelegraph YouTube Subscribe

Advertise with us

Bitcoin BTC/USD

47,882 -3.88%

Ethereum ETH/USD

3,914 -3.22%

Litecoin LTC/USD

150.75 -4.40%

Ripple XRP/USD

0.81 -2.37%


3.18 -4.34%


The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

  • Token conversion
  • Exchange rate conversion
  • Calculation for foreign exchange purchasing
Current Rate