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    Home » Market Updates » After The Bloodbath Bitcoin Reclaims $19K: The Calm After The Storm? (Market Watch)

    After The Bloodbath Bitcoin Reclaims $19K: The Calm After The Storm? (Market Watch)

    Author: Jordan Lyanchev

    Last Updated Dec 2, 2020 @ 08:26

    Bitcoin went from above $19,900 to $18,100 in minutes, while the altcoins mimicked its performance. The total market cap lost $40 billion in a day.

    After charging to a new all-time high and plummeting nearly $2,000 minutes later, Bitcoin has calmed around $19,000. Most alternative coins followed BTC’s extreme volatility. Ethereum jumped to a new yearly high following the ETH 2.0 launch and dived below $600.

    Bitcoin’s Wild 24 Hours

    It took a few days, but BTC recovered all of its losses from the Thanksgiving massacre last week. The primary cryptocurrency was gradually increasing before it skyrocketed to a new all-time high on some exchanges.

    Following a sharp retrace, BTC neared $20,000 once again yesterday. This time, the rejection was even more vigorous. In a matter of minutes, Bitcoin lost nearly $2,000 of value and bottomed at $18,100.

    The volatility continued, and the bulls quickly drove the asset to $19,450 shortly after before dropping beneath $19,000 once more. The cryptocurrency has calmed a bit since then and still struggles beneath the $19,000 price level.

    btcusd_chart-min
    BTC/USD. Source: TradingView

    Altcoins Covered In Red

    The alternative coins also recovered most of its losses from last week. Ethereum was among the best large-cap performers. ETH dipped to $485 but skyrocketed in the following days.

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    As anticipation built up for the release of ETH 2.0 yesterday, the second-largest digital asset by market cap surged to a new yearly high of almost $640. However, Ether mimicked BTC’s fluctuations and plummeted in minutes to $570.

    As of writing these lines, ETH has recovered to some extent but the asset still trades beneath $600.

    Most alternative coins endured similar price developments. On a 24-hour scale, though, red dominates the market.

    Ripple (-6.5%), Bitcoin Cash (-7%), Binance Coin (-5%), Chainlink (-7%), Polkadot (-5%), and Cardano (-7%) are all down.

    Cryptocurrency Market Overview. Source: Quantify Crypto
    Cryptocurrency Market Overview. Source: Quantify Crypto

    Further losses are evident from Horizen (12%), HedgeTrade (-10%), Terra (-10%), Ethereum Classic (-8%), NXM (-8%), and TRON (-7%).

    In contrast, several tokens, primary DeFi coins, have marked serious gains. SushiSwap leads with a 21% surge taking SUSHI to $2.20. THORChain (11%), Aave (8%), Synthetix (8%), and Yearn.Finance (6%) follow.

    Ultimately, though, the cumulative market capitalization of all cryptocurrency assets nosedived from $591 billion to $551 billion in a day.

    Cryptocurrency Market Cap. Source: CoinMarketCap
    Cryptocurrency Market Cap. Source: CoinMarketCap
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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.

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    Tags: Bitcoin (BTC) Price Chainlink (LINK) Price DeFi Ethereum (ETH) Price
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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