BTC Rejected at $59K Once Again: Terra (LUNA) Soars 60% Weekly to New ATH (Market Watch)

Bitcoin tried its hand at $59,000 but failed once more and dropped by several thousand dollars. While most alts also stalled on a daily scale, Terra is among the best performers lately, which has resulted in tapping a new ATH at $65.

Bitcoin Fails at $59K Once More

As CryptoPotato reported on Monday, bitcoin initiated an impressive leg up, in which it added more than $4,000 in hours and exceeded $58,000. Shortly after, the cryptocurrency challenged $59,000 for the first time this week but to no avail.

After the subsequent rejection, BTC tried once again. This time, it even briefly surpassed the $59,000 line, but the bears stepped up and pushed it south.

The same scenario repeated yesterday as well. Bitcoin traded around $57,000 before it shot up and touched $59,000. However, it failed to conquer it and dumped below $56,000 hours later.

As of now, it has reclaimed some ground, and it stands around $57,000. Its market capitalization is still well below $1.1 trillion, and the dominance over the altcoins sits beneath 41%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Terra’s Latest ATH as Alts Stall

The second-largest cryptocurrency came roughly 1% away from tapping a new all-time high yesterday, but it couldn’t go above $4,800. It was also rejected at that line, and the bears have now driven ETH below $4,600 after a minor 24-hour decrease.

Binance Coin has lost a similar percentage (-3%) and trades around $620. Cardano (-3%), Ripple (-3%), Polkadot (-4%), Avalanche (-6%), and Shiba Inu (-6%) are all in red.

In contrast, Solana and Dogecoin see slight gains. Terra, on the other hand, is the best performer following a double-digit surge. Moreover, LUNA painted a new all-time high record just hours ago at around $65 as it’s up by 60% in a week.

More gains come from Voyager Token (35%), Stacks (27%), Curve DAO Token (19%), MATIC (13%), KuCoin Token (12%), and Nexo (11%).

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto