The dance of Bitcoin is continuing with all its heavy movements. After reaching 13k we had seen how it retreated to 10k, and then recovered to reclaim the 12k mark. However, in last 12 hrs its movements have been much more scary. It dropped to $10,210 around 9PM yesterday night, which was a point when it felt that a breach below $10k is imminent. Fortunately, things recovered soon after that and the $10k mark wasn’t breached. But the risk not over yet, as BTC is still trading at a $10,305 only.
Over the course of last few weeks Bitcoin has regained its heavy volatility, which has led to sharp movements on both sides of the spectrum. The highs have been highest in the year, and the lows have also been sharp enough to scare anyone who is new to the cryptocurrency space. Yesterday’s bearish movements were also sharp enough that they erased billions of dollars not only from Bitcoin’s market cap but also from the market cap of most altcoins. While Ethereum has slipped from its high of $350, XRP has also come significantly down from its $0.47. Currently both these cryptos are trading at $288 and $0.40, respectively.
The condition of other cryptocurrencies in top #10 looks something like this at the time of writing this article:
As you can see, only Bitcoin Cash and EOS are trading in the green today. But even these two coins are not in green by any major margin, and they may slip into red any moment if decline continues throughout the day.
Speaking of top risers and losers today, the biggest loser in top #20 is Bitcoin itself – it’s down more than 6%. Other losers behind it include Ontology (down 4.82%, CMP $1.39), Dash (down 4.42%, trading at CMP of $152.38), Monero (down 4.39%, trading at CMP of $85.68) and Zcash (down 3.83%, CMP $100.65). As for the risers, there are no major risers today. With this, the overall market cap has also declined to $303 billion from a high of $380 billion that we had seen a few days ago. This is a reduction of $77 billion in the overall market cap.
It will be interesting to see how things unfold later in the day today.