The cryptocurrency market loses more than 5% of its value, with Bitcoin falling below $ 12,000 and altcoins plummeting.
Bitcoin’s trip above $ 12,000 was short-lived, as the asset plunged 4% in the last 24 hours to $ 11,800. However, BTC’s dominance over the market has increased slightly, as most altcoins have also plummeted.
Bitcoin fails to stay above $ 12K
Bitcoin’s last attempt to win the $ 12,000 seemed successful at first glance, unlike previous ones, when it fell almost immediately after breaking through that barrier. However, the situation reversed yesterday, after a sudden price drop to $ 11,800 (at Binance).
Although the asset was able to recover some of its losses initially and stayed above $ 12,000 again, the bears quickly regained control and lowered it to its current $ 11,800 position. Thus, BTC completed a 4% eviction in the last 24 hours, when it dropped to a minimum of $ 11,612 at Binance.
It is worth monitoring whether the recent upward trend has completely reversed itself or whether this is just a buying opportunity.
During yesterday’s trading session, gold also experienced a sharp drop in price. The precious metal went from its daily high of $ 2,015 an ounce to $ 1,975, reaffirming thus the growing correlation between the two groups of assets.
In contrast, the stock markets were in the green. Nasdaq Composite increased its value by 0.75% after a recovery of technology-based companies. The S&P 500 has erased all recorded losses during the most intense days of the COVID-19 pandemic and reached a new historic high.
As illustrated in the chart below, red also dominates most of the altcoin market. Ethereum fell 4.2% to $ 410, Ripple (-8%) to $ 0.29, Bitcoin Cash (-7%) to $ 295, Chainlink (-11%) to $ 15, Litecoin (5 , 5%) to $ 63, BitcoinSV (-9%) to $ 210 and Cardano (-6.8%) to $ 0.13 are the most significant losers among the Top 10.
Other losses are evident in Numeraire (-21%), Ocean Protocol (-20%), Fetch.ai (-19%), Aragon (-17%), Band Protocol (-13.5%), Zilliqa (-13 %), Kava (-12%), iExec RLC (-12%), Qtum (-11.3%) and more. Interestingly, Justin Sun’s three cryptocurrency projects, JUST, BitTorrent and TRON, fell by about 15%.
However, it is important to note that Yearn.Finance, after recently setting a new historical record, rose again by 21% to $ 11,088. Theta (7.5%), Compost (5.5%) and Swipe (4%) are also among the few winners.
Ultimately, market capitalization lost more than $ 20 billion from the peak of $ 387 billion yesterday to $ 366 billion at the time of writing this article. With most altcoins losing significant chunks of value, Bitcoin has regained some ground in terms of its dominance to 60%.