Positive Outlook for Bitcoin (BTC) Doused as Crypto Drops Back to $3,800
Cryptocurrency advocates heaved a heavy sigh of relief when bitcoin (BTC) climbed a few notches up from its dismal state a few days ago, sending positive vibes of a major rebound long sought by bulls in the market of late.
However, early yesterday saw a different twist when bitcoin’s momentum suddenly waned and the most popular crypto fell back to a familiar territory: under the 4,000 USD mark, prompting its key counterparts to succumb to the pressure and falter as well.
The weekend’s upbeat pace indicated a five-percent climb which, to many, is a decent enough figure considering the crypto’s volatility and unease. Earlier this morning, it shed as much as 300USD per BTC to $3,800 on most crypto charts.
Pulled down, courtesy of quick reversals
Apparently, this is not something that bitcoin advocates want to see. For instance, majority of the leading cryptocurrencies caved in from the weekend’s heavy pull after enjoying a very short moment of advances.
Moments before the start of today’s session, the favorite crypto made a quick reversal and settled back in the red zone. Based on a CoinMarketCap update, BTC fell around 10 percent and was pegged at $3,807 from a mid-day peak of $4,200.
The unexpected decline in the price of the world’s most popular digital currency translated to an estimated $5 billion in market cap that was lost in today’s crypto trading, and nearly $15 billion overall from the rest of the globe’s virtual assets.
How the others are faring
Taking a quick peek at other crypto coins, etherium (ETH) continues to stay on top of the coins ranking, with a over $14 billion in market cap, according to data provided by CoinMarketCap. Ripple (XRP) comes in second, with around $12 billion in market cap.
ETH rose almost 10 percent from the $126 mark it registered over the weekend, while XRP, which is trading at around $0.301, has shed around 8 percent in the past day. On the other hand, the ones being dragged down deeper are Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum Classic (ETC), all having 10 percent declines as of this writing.
Meanwhile, it is not yet clear as to what pushed many investors in the market today to let go of their digital assets. However, when prices do make an ascent, as they always do, and then dive in just a matter of hours in the past, it usually boils down to investors and traders’ profit-taking and inundating the market with an oversupply of virtual tokens.
(Photos from Shutterstock)
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