MYX Finance (MYX) Plunges 40% Daily, Bitcoin (BTC) Stalls at $67K: Market Watch

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MYX is the most volatile token today, while PIPPIN has surged by 13%.

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Summarize with AI

Summarize with AI

Bitcoin’s underwhelming price movements continue as the asset has failed to stage a notable recovery from its dip below $66,000 yesterday and now sits just a grand higher.

Some altcoins have posted more impressive gains over the past day, including HYPE and HBAR, both of which have gained around 5%.

BTC Stalls at $67K

The primary cryptocurrency has been in a knockdown state for weeks. Ever since it was rejected at $90,000 on January 28, the predominant force in the market has been the bears. The culmination of a week-long correction took place last Friday when they drove the asset to its lowest position in well over a year at $60,000.

After such a calamity in which bitcoin lost $30,000 in less than ten days, the bulls finally intervened and staged a quick and impressive rebound to $72,000. BTC tried to take down that level on a couple of occasions by Monday, but it was ultimately stopped.

The latest correction occurred yesterday when bitcoin slipped below $66,000 again. Although it bounced to $68,000 almost immediately, it couldn’t continue higher and now trades around $67,000 once more after a 5% weekly decline.

Its market cap struggles at $1.340 trillion on CG, while its dominance over the alts has dropped further to 56.6%.

BTCUSD Feb 12. Source: TradingView

MYX Plunges

Most larger-cap alts are slightly in the green on a daily scale. However, ETH continues to trade well below $2,000, and XRP is beneath $1.40. Only BNB has defended its territory and sits above $600 from the top 5 alts. HYPE and HBAR are today’s top gainers from this cohort of altcoins, posting 5% gains to $30 and $0.093, respectively.

PIPPIN continues to chart notable gains, surging 11% daily and a whopping 190% weekly to almost $0.50. ASTER and VET follow suit. In contrast, MYX has dumped by nearly 40% daily to under $3.3.

The total crypto market cap has remained below $2.4 trillion on CG, even though it has increased slightly ($2o billion or so) since yesterday.

Cryptocurrency Market Overview Feb 12. Source: QuantifyCrypto

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Source: https://cryptopotato.com/myx-finance-myx-plunges-40-daily-bitcoin-btc-stalls-at-67k-market-watch/