Most of the cryptocurrency market is retracing heavily today after a few days of gains. Bitcoin failed to conquer the $12,000 level and has now dropped by $800. Large-cap altcoins follow suit, and the market loses about $20 billion.
Bitcoin Drops By $800
The primary cryptocurrency attempted another break above the coveted $12,000 price tag a few days ago but to no avail. Although it managed to maintain its position just beneath that level for a few hours, the situation reversed rather rapidly yesterday.
BTC began its descend at about $11,950. In a few hourly candles, the asset dipped to $11,150, which was the daily low. Bitcoin has recovered slightly and is currently trading at about $11,300.
From this point on, BTC can rely on $11,200, followed by $11,050 and $10,900 as support if the dive continues. Should the cryptocurrency reverse and returns to its recent bull run, it would have to overcome $11,800 before having a chance to face off with $12,000 again.
Interestingly, just before BTC started dropping, gold led the way with a significant price decline. The precious metal, which has shown an increased correlation with Bitcoin lately, reached an all-time high of approximately $2,070/oz days ago and traded at $2,050 on August 10th. However, the bullion has lost nearly $200 (8%) of its value in two days to its current price of $1880 per ounce.
It’s also worth noting that another precious metal – silver – is also down by 25% from its $30 yearly high reached last week.
Altcoins Bleed Out
Red dominates the cryptocurrency market with some significant losses across low and large-cap alts. Ethereum, which couldn’t break above $400 after a few attempts, has dropped by 6% in the past 24 hours to $372. Ripple has declined by 8% to $0.277, followed by Bitcoin Cash (-8%), Bitcoin SV (-10%), Litecoin (-9.3%), Cardano (-9.3%), and Binance Coin (-7.5%) from the top 10.
Tezos, after reaching a fresh all-time high yesterday of above $4,4, has plummeted by 13% to $3.75. Other evident losers in the past 24 hours include Band Protocol (-20%), Bytom (-15%), Hedera Hashgraph (-14%), Nervos Network (-13.5%), Kusama (-13.3%), IOTA (-13%), Kava (-12%), Ontology (-11.5%), Blockstack (-11%), THETA (-11%), and Algorand (-10.5%).
Naturally, these events have affected the total market capitalization. The metric has dumped by over 5% from its high yesterday of $365 billion to $345 billion.
Despite the dominant red color, it’s worth outlining several gainers as well. Compound leads the way with a 29% surge, Maker (15%), Aragon (14%), Ampleforth (14%), Aave (13%), Synthetix Network (9%), and Swipe (6%) are next. Interestingly, SXP continues with its impressive run, and just yesterday marked a fresh all-time high of $3.20 (on Binance).
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