Bitcoin’s adverse trading days continue as the asset lost more than $5,000 since yesterday’s high to an intraday low of just beneath $53,000. Most alternative coins have followed along on the way down, and the crypto market cap has seen over $130 billion evaporated.
Bitcoin Fell by $5,500
Following a few unsuccessful attempts to reclaim $60,000, bitcoin remained stuck around $58,000 for a while. However, the bears took charge yesterday and changed the price trajectory rather vigorously.
After reaching a daily high of $58,500, BTC plummeted by roughly $5,500 to just below $53,000 (on Bitstamp).
Despite bouncing off and regaining several hundred dollars, the primary cryptocurrency is still about 7% down on a 24-hour scale.
The sharp price decline also harmed BTC’s market capitalization, which dipped beneath the coveted $1 trillion earlier today. As of writing these lines, though, the metric has spiked back up to that particular level.
Additionally, bitcoin’s dominance has also suffered by dropping below 60%. Approximately a week ago, the metric comparing BTC’s market cap with all other cryptocurrencies was well above 62%.
BTCUSD. Source: TradingViewAlts in Red; But Not XRP
As it typically happens during a highly-volatile price movement in either direction, the majority of the altcoin market has followed its leader. Ethereum leads the pack with a 7% drop to well below $1,700.
A 4% drop for Binance Coin to $254 has helped Tether overcome BNB as the third-largest cryptocurrency by market cap.
Cardano (-9%), Polkadot (-6%), Litecoin (-5.5%), and Chainlink (-7.5%) are also deep in red.
In contrast, Ripple has jumped by more than 10% following …
Story continues on Crypto Potato

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