Bitcoin falls below $50,000 as cryptocurrencies tumble.

There was plenty to cheer for Bitcoin investors over the holidays as the primary cryptocurrency soared above $50,000 last week, followed by consolidation above $51,000 on Christmas eve. Barring a brief dip below $50,000 on Sunday, Bitcoin went on to hit a three-week high of $52,050 on Monday evening. However, the bullish action was cut short as an attempt to settle above the resistance level failed.

 

Bitcoin fell by 4% to an intraday low of $48,700. 

The price of Bitcoin fell by 4% to an intraday low of $48,700. Despite a small recovery to $49,101 by the time of writing, the industry’s leading crypto is still down 3.6% over the last day, according to CoinGecko. Ethereum, the second-largest cryptocurrency by market cap, followed a similar pattern after it failed to clear the $4,120 resistance level. It also dropped 4%, falling to $3,878. The cryptocurrency is currently changing hands at $3,905 at press time, a decline of 3.9% over the past 24 hours.

 

Major cryptocurrencies see a downward trend. 

The vast majority of other cryptocurrencies are also in a downtrend, with Terra’s LUNA suffering the biggest losses. LUNA has been on a tear over the past few weeks, hitting a new all-time high above $103 on Monday. As markets tumbled, the token is currently trading around $89.2, down 9.9% over the day, per CoinGecko. Polkadot is down 7.5% among other top-performing cryptocurrencies, followed by Cardano, Solana, and XRP, who all posted losses between 3% and 6%. Binance Coin is the only asset to hold its ground on the daily chart. After hitting an intraday high of $571, the native token of the crypto exchange fell to $549 and is still up 0.3% in the last 24 hours.