After reclaiming some ground yesterday, Bitcoin has returned to its recent bearish trend by dropping below $10,300. Most altcoins follow with some notable price dips, resulting in a near $10 billion evaporated from the total market cap.
Bitcoin Dips Below $10,300
As reported yesterday, the primary cryptocurrency recovered some of the recent losses and traded around the previous 2020 high from February at $10,500. However, the asset couldn’t maintain its position and began free-falling once again.
In just a few hours, BTC went from its daily high of above $10,500 to its intraday bottom of $10,130 (on Binance). Since then, the digital asset has recovered some ground and is trading now just around $10,300.
Bitcoin’s current position places it close to the support level at $10,290. If BTC further breaks below, it could head towards $10,200 and the psychological $10,000.
Adverse price developments are evident among most financial markets. Gold, which typically performs similarly to Bitcoin, dipped from its high of $1,900 per ounce to about $1,850.
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- Bitcoin Indecisive Below $10,500 as Altcoins Continue to Suffer (Wednesday Market Watch)
The most prominent Wall Street stock market indexes also closed in the red yesterday’s trading session. The S&P 500 went down by 2.4%, the Dow Jones Industrial Average by 2%, and Nasdaq lost the most value (-3%).
Red Dominates The Altcoin Market
Most alts bleed out today. Ethereum has declined by nearly 4% and it trades at $325. Ripple (-3%) fights to stay above $0.22. Bitcoin Cash, BINANCE Coin, CRYPTO.COM Coin, and Litecoin have also dropped by about 3%.
Some lower-cap alts have decreased by double-digit percentages. DigiByte (-18%), Ren (-15%), Orchid (-13%), Reserve Rights (-12%), UMA (-12), OMG Network (-10.5), and Algorand (-10%) lead the way.
A few coins trade in the green as well. Helium has surged by 40% after being listed on the leading cryptocurrency exchange Binance. Uniswap (13%) and HedgeTrade (10%) follow.
Ultimately, though, the crypto market cap has dropped from yesterday’s peak at $332 billion to $325 billion.
