ApeCoin is the only cryptocurrency with substantial gains as most of the market – including bitcoin – has charted new losses.
Bitcoin failed again at overcoming $40,000 and has returned to even below $39,000. The majority of the altcoins are also in the red once more, but ApeCoin continues to defy the odds ahead of its highly-anticipated Otherside sale.
Bitcoin Struggles Below $40K
On April 25, bitcoin initiated an impressive leg up, adding nearly $3,000 in hours. Consequently, the asset spiked to almost $41,000 after its recent nosedives.
However, this price increase was short-lived as the bears pushed the cryptocurrency south again. Moreover, this decline was even more violent, and BTC found itself trading below $38,000 for the first time in over six weeks.
Bitcoin reacted well at this point and bounced off towards $40,000. It even briefly exceeded that level, but the overall bearish sentiment in the crypto market drove it south once more. As of now, BTC trades below $39,000, and its market capitalization has declined well beneath $750 billion.
ApeCoin Defies Market Sentiment
The altcoin space has also not enjoyed the past several days and the predominantly red landscape now only confirms this.
Ethereum touched $3,000 a few days ago but failed to remain there. It fell to $2,900 yesterday, and a 3% decline since then has driven the second-largest crypto to just over $2,800 as of now.
Binance Coin (-2%) is just under $400, while Solana has dumped well below $100 after another 3.5% daily decrease.
Ripple, Terra, Polkadot, Cardano, Dogecoin, and Shiba Inu are also in the red. Avalanche, MATIC, and NEAR Protocol have lost even more substantial chunks of value – up to 6%.
ApeCoin continues to outperform the rest of the market. As the anticipation for its upcoming Otherside sale keeps growing, APE has jumped by 13% and has neared its recent new all-time high at around $27.
But with the majority of alts being in the red, the crypto market cap is down by $50 billion and is well under $1.8 trillion.