Bitcoin price started the day promisingly before dropping, but altcoins Terra, Avalanche and Shiba Inu rose

Bitcoin spurted ahead through much of Wednesday morning, mirroring the performance of equity markets that, for the first time in days, seemed oblivious to the mushrooming tensions on the Russia-Ukraine border. But by midday, it had declined into red territory. At the time of writing, Bitcoin price is changing hands at $36,908.

bitcoin-price-started-the-day-promisingly-before-dropping-but-altcoins-terra-avalanche-and-shiba-inu-rose

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price and other cryptocurrencies struggled to maintain earlier gains

After Ukraine declared a state of emergency and urged its citizens living in Russia to depart, U.S. intelligence said that a Russian invasion was imminent. Blockchain data shows that most short-term bitcoin holders have a cost basis of between $42,000 and $50,000. Therefore, recent fluctuations in prices below $50,000 could cause some anxiety among traders as losses add up.

Meanwhile, altcoins such as Cosmos (ATOM), Shiba Inu (SHIB), and Polygon (MATIC) rose as much as 9% over the past 24 hours, compared with BTC’s flat performance over the same period. Meanwhile, the rise in stablecoins could indicate a flight to safety among traders seeking protection from market volatility.

“Crypto dropped Wednesday, with altcoins particularly seeing plenty of red. However, this time, traders on Telegram, Reddit, & Twitter gave very little mind to the buy the dip opportunity. This indicates FUD and a good sign of a turnaround”, Santiment stated.

bitcoin-price-started-the-day-promisingly-before-dropping-but-altcoins-terra-avalanche-and-shiba-inu-rose

Source: Santiment

Ether, the second-largest crypto by market cap, was changing hands below $2,571, down about 2% during the same period. The overall cryptocurrency market cap stands at $1.679 trillion, and Bitcoin Dominance is 41.8%.

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