Bitcoin’s price nosedived once again on Tuesday morning, but this time it marked a higher low and rebounded quickly toward $84,000. Most larger-cap alts have experienced more substantial decl
Bitcoin’s price nosedived once again on Tuesday morning, but this time it marked a higher low and rebounded quickly toward $84,000.
Most larger-cap alts have experienced more substantial declines, including ZEC, ADA, and NEAR. SOL is below $110, ETH is down by over 1%, while XRP lost the $1.40 level.
Bitcoin’s troubles began at the start of the previous business week when it was rejected at $87,000 for the fourth or fifth time in the past half a month. At first, it held at $85,500 before bears took complete control and pushed it down to $83,500; the final move came last Thursday, when the cryptocurrency slumped to $80,400.
After losing nearly $7,000 in days, the asset was bound for a bounce-off, which took place by Friday evening and during the weekend. Bitcoin spent the next few days trading sideways between $82,000 and $83,000 before it tried to break out on Monday. However, it was stopped at $84,000 once again.
More volatility ensued on Tuesday morning as BTC dumped to $80,850 (on Bitstamp) and then rebounded just as quickly to $84,000. Similar violent fluctuations harm over-leveraged traders, and the total value of liquidated positions on a daily scale skyrocketed to over $800 million.
As of press time, BTC remains about $500 away from the $84,000 mark. Its market capitalization stands still at $1.670 trillion on CMC, while its dominance over the alts is up to 59.7%.
BTCUSD October 13. Source: TradingView
Ethereum dipped to $2,400 earlier this morning, before rebounding to over $2,500. However, it’s still 1.2% down on the day. BNB is down to $745, while XRP has slipped further away from the coveted $1.40 level. SOL is below $110, HYPE has slumped by 5%, and so has ADA. Cardano’s token is below $0.24 as of now.
ZEC has dropped by over 6% to $1,226, while NEAR has plummeted by 10% to under $5.20. HBAR, ONDO, ENA, AVAX, PUMP, and WLD are also deep in the red. STX and BTW are among the few exceptions in the green today.
The total crypto market cap is down by over $20 billion on a 24-hour scale to $2.810 trillion on CMC.
Cryptocurrency Market Overview October 13. Source: QuantifyCrypto
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