Bitcoin’s run above $12,000 was short-lived as the asset has tanked by 4% in the past 24 hours to $11,800. However, BTC’s dominance over the market has increased slightly as most altcoins have plummeted as well.
Bitcoin Fails To Stay Above $12K
Bitcoin’s latest attempt to conquer $12,000 seemed successful at first glance, unlike the previous ones, when it dumped almost immediately after breaking above it. However, the situation reversed yesterday after a sudden price drop to $11,800 (on Binance).
Although the asset managed to recover some of its losses initially and headed above $12,000 again, the bears quickly regained control and drove it down to its current stance at $11,750. Thus, BTC completed a dump of 4% in the past 24 hours as it dropped to a low of $11,612 on Binance.
It’s worth following if the recent bull trend has reversed entirely, or this is just an opportunity to buy the dip.
During yesterday’s trading session, gold also experienced a sharp price decrease. The precious metal went from its daily high of $2,015 per ounce to $1,975, thus reaffirming the increased correlation between the two asset groups.
In contrast, the stock markets were in the green. The Nasdaq Composite increased its value by 0.75% after a rally from tech-based companies. The S&P 500 erased all losses registered during the most intense days of the COVID-19 pandemic and reached a fresh all-time high.
Altcoins Bleed Out
As illustrated from the graph below, red dominates most of the altcoin market as well. Ethereum drops by 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 from the top 10.
Further losses are evident from 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, namely JUST, BitTorrent, and TRON, are all down by approximately 15%.
Yet, it’s worth noting that Yearn.Finance, after recently marking a fresh all-time high, is up again with 21% to $11,088. Theta (7.5%), Compound (5.5%), and Swipe (4%) are also among the few gainers.
Ultimately, the market cap lost over $20 billion from the $387 billion peak yesterday to $366 billion at the time of this writing. With most altcoins losing significant chunks of value, Bitcoin has regained some ground in terms of its dominance to 60% after dumping to 58.2% a few days ago.
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Cryptocurrency charts by TradingView.