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October 4, 2022
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Guide & Analysis

Bitcoin plunged $ 4,000 to pre-Elon Musk levels

Elon Musk’s ad campaign that took Bitcoin to a 10-day peak of nearly $ 39,000 turned into a fake breakout while at BTC.

After a highly volatile day motivated by Elon Musk’s involvement with Bitcoin on social media, BTC has returned to around $ 34,000 at the time of writing. Most altcoins did the same, and total market capitalization supported the $ 1 trillion mark.

Bitcoin wild ride

The BTC was experiencing difficulties in the past few days, as it dropped to less than $ 30,000 on some occasions that were quickly bought by the bulls. As a result, Bitcoin’s dominance was disappearing and bears were gearing up for another downward momentum.

And a push did indeed come, but precisely in the opposite direction. The CEO of Tesla and SpaceX, who is also the richest person in the world, Elon Musk, updated his Twitter bio to display just one word – Bitcoin. Almost immediately, the asset price skyrocketed by more than $ 6,000 in minutes.

Whether Musk is trolling yet again or whether he is finally planning to board the BTC train remains to be seen, but the effects were instantly evident as several prominent individuals followed him with profile updates.

However, BTC’s volatile journey was not over yet, as the cryptocurrency underwent a stage correction. In the following hours, bitcoin went from the $ 38,700 10-day high (on Bitstamp) to its current level of around $ 34,000.

Market capitalization struggles for $ 1 trillion

As is normally the case during a highly volatile trading day in the cryptocurrency market, most altcoins followed their leader. Ethereum went from a daily low of less than $ 1,300 to a high above $ 1,440. Similar to BTC, however, the second largest cryptocurrency has returned and is now trading at $ 1,340.

On a 24-hour scale, XRP ranks among the top performers among the top ten cryptocurrencies, after a 5% increase to almost $ 0.30. In contrast, Bitcoin Cash (-3%), Chainlink (-2%), Cardano (-4%) and Litecoin (-4.5%) were the ones that lost the most.

Bitcoin plunged $ 4,000 to pre-Elon Musk levels 22

FunFair continued the tradition of three-digit percentage winners with an increase of 105% to $ 0.039. Follow Ravencoin (60%), Alpha Finance Lab (50%), Voyager Token (48%), Compound (27%), 1 inch (25%) and Elrond (25%).

After reaching new highs, enter the top 10 and win the world’s attention, Dogecoin has dropped 32% since yesterday, to $ 0.03. Fantom (-15%), Stellar (-10%) and Terra (-10%) are next.

Ultimately, total market capitalization remained around the coveted $ 1 trillion mark. A few days ago, the metric dropped to $ 850 billion, while yesterday it rose to more than $ 1.05 trillion.

Source: CryptoPotato

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