Bitcoin price fell again on Tuesday morning, but this time it bottomed out and quickly rebounded towards $84,000.
Most larger-cap alternative assets saw more substantial declines, including ZEC, ADA, and NEAR. SOL is below $110, ETH is down over 1%, while XRP has lost the $1.40 level.
BTC goes wild
Bitcoin’s problems began at the start of the previous business week when it was rejected at $87,000 for the fourth or fifth time in the last six months. Initially, it held at $85,500 before the bears took full control and pushed it down to $83,500; the last move took place last Thursday, when the cryptocurrency fell to $80,400.
After losing almost $7,000 in a few days, the asset was destined for a rebound, which took place on Friday evening and during the weekend. Bitcoin spent the next few days trading sideways between $82,000 and $83,000 before attempting to break out on Monday. However, it stopped again at $84,000.
More volatility ensued on Tuesday morning as BTC dropped to $80,850 (on Bitstamp), then rebounded just as quickly to $84,000. Similar violent swings are hurting overleveraged traders, and the total value of positions liquidated on a daily scale has soared to more than $800 million.
At press time, BTC remained about $500 away from the $84,000 mark. Its market cap still stands at $1.67 trillion on CMC, while its dominance on alts reaches 59.7%.
Alts See Red
Ethereum fell to $2,400 earlier this morning, before rebounding to over $2,500. However, it is still down 1.2% on the day. BNB fell to $745, while XRP moved further away from the coveted $1.40 level. SOL is below $110, HYPE is down 5%, as is ADA. Cardano’s token is currently below $0.24.
ZEC fell more than 6% to $1,226, while NEAR fell 10% to below $5.20. HBAR, ONDO, ENA, AVAX, PUMP and WLD are also deep in the red. STX and BTW are among the rare exceptions in the green today.
The total crypto market cap declined by over $20 billion on a 24-hour scale, reaching $2.81 trillion on CMC.
The post ZEC and NEAR Plummet Hard, BTC Recovers from Roller Coaster: Market Watch appeared first on CryptoPotato.
About the Author
