The total market capitalisation has declined by over 5% within the past 24 hours after the leading cryptocurrency Bitcoin [BTC] along with other altcoins marked substantial price losses.
Most of the cryptocurrency market is retracing heavily today after a couple of days of gains. Bitcoin did not conquer the $12k price level and has now dropped by over $800 USD. Large-cap altcoins imitate a similar downfall and the market loses about $20 Bln.
Bitcoin Price Drops Just Before Touching $12k Price Mark
The leading cryptocurrency attempted another break above the coveted $12k price tag a couple of days ago but to no avail. Although it managed to take care of its position just beneath that level for a couple of hours, things reversed rather rapidly yesterday.
Bitcoin [BTC] began its descend at about $11,950 USD. During a few hourly candles, the asset dipped to $11,150 USD, which was the daily low. Bitcoin has recovered slightly and is presently trading at about $11,300 USD.
From this point, BTC can rely $11,200 USD, followed by $11,050 USD and $10,900 USD as support if the dive continues. Should the cryptocurrency reverse and returns to its recent Bull Run, it might need to overcome $11,800 USD before having an opportunity to bull – off with $12,000k again.
Interestingly, just before BTC started dropping, gold led the way with a big price decline. Gold, which has shown an increased correlation with Bitcoin lately, reached an all-time high of roughly $2,070/oz days ago and traded at $2,050 USD on 10th Aug. However, the bullion has lost nearly $200 (8%) of its value in two days to its present price of $1880 USD per ounce.
It’s also worth noting that silver – is additionally down by 25% from its $30 USD yearly high reached last week.
Altcoin Market Marks Significant Losses
Red dominates the cryptocurrency market with some significant losses across low and large-cap alts. Ethereum [ETH], which couldn’t break above $400 USD after a couple of attempts, has dropped by 6% within the past 24 hours to $372 USD. Ripple [XRP] has declined by 8% to $0.277 USD, followed by Bitcoin Cash [BTC] -8%, Bitcoin SV [BSV] -10%, Litecoin [LTC] -9.3%, Cardano [ADA] -9.3%, and Binance Coin [BNB] -7.5% from the top 10.
Naturally, these events have affected the entire market capitalisation. The metric has dumped by over 5% from its high yesterday of $365 Bln to $345 Bln.