Cryptocurrency Market Sheds $8 Billion Since Yesterday (Market Watch)

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Although BTC dipped to $10,750 yesterday, the asset is back near the psychological $11,000 level. Most alts are trading in the red as the entire market cap has lost over $8 billion from yesterday’s peak.

BTC Bounced Off $10,750

After two consecutive rejections at above $11,000, Bitcoin headed for a correction yesterday. The primary cryptocurrency dipped to its intraday low of about $10,750 (on Binance).

However, the price decrease was shortlived, and the bulls drove the asset upwards again. As of writing these lines, Bitcoin trades at a familiar ground from the past few days – about $10,950.

In case BTC initiates another breakdown, the first support level lies at $10,800, followed by the previous 2020 high from February at $10,500 and $10,400.

Alternatively, should Bitcoin reclaim the resistance at $11,000, it could challenge the next ones at $11,100 and $11,250.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

This lack of severe volatility from Bitcoin resembles the developments in other financial markets. Gold, for instance, opened at $1,950 per ounce and after a few small fluctuations has returned to the same level.

The futures contracts of Wall Street’s most prominent indexes have remained relatively flat as well.

Alts In The Red

Ethereum has lost nearly 2% of value in the past 24 hours. The second-largest cryptocurrency traded at about $380 yesterday but has declined to $373.

Cryptocurrency Market Overview. Source: coin360.com
Cryptocurrency Market Overview. Source: coin360.com

From the top ten, Ripple, Bitcoin Cash, and Litecoin are down by about 1.5% each. BCH remains positioned at the 5th spot, while Polkadot falls behind with another 6% price drop. Chainlink, which occupied the 5th position until a few weeks ago, continues its free fall. LINK is down by nearly 7% and now trades below $10.

After surging in value in the past few months to above $30, Binance Coin has also been retracing lately. BNB has now dropped to about $26. The data analytics company Santiment warned that the number of daily active addresses has plummeted in the past few days, suggesting further price dips.

BNB Price/DAA. Source; Santiment
BNB Price/DAA. Source; Santiment

A few lower-cap alts are displaying more substantial losses. Celo leads with a 22% decline, Kusama (-11.5%), Flexacoin (-11%), Elrond (-10.5%), Algorand (-10%), and Aave (-9.5%) follow.

Orchid is the most impressive gainer from the past 24 hours after Binance announced listing the native token. OXT skyrocketed by 25% to $0.35. DigiByte (11%), Celsius (6%), and Loopring (5.5%) also increase in value.

Despite those few coins trading in green, the market cap has declined from yesterday’s peak of $355 billion to $347 billion.

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Cryptocurrency charts by TradingView.




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