Altcoins Bleeding Out As Bitcoin Heads Lower (Market Watch)

Most of the cryptocurrency market is in red today. Bitcoin tanked to $11,400 briefly, but large-cap alts are losing more substantial chunks of value, thus helping BTC to reclaim some ground in terms of market domination.

Bitcoin Drops Further

BTC looked promising yesterday as the asset headed for another face-off with its well-known nemesis at $12,000. It hovered just beneath it for a while, but the bears took control and didn’t allow even to touch that psychological level.

In the next few hours, the primary cryptocurrency started dumping in value and has lost about 4% to its daily low of $11,380. However, BTC bounced off from there and is currently trading at $11,570 (on Bitstamp).

On its way down, Bitcoin broke the $11,650 support level. From this point on, it has to rely on $11,300, $11,150, and $11,000 if it dives again. Alternatively, should the asset reclaim $11,650 and head upwards, it needs to break above $11,800 before going against $12,000, $12,100, and $12,400.

As it frequently happens lately, gold also experienced a price crush yesterday from $1,950 per ounce to its daily low of $1,910. However, the bullion recovered somewhat rapidly to $1,940, similarly to Bitcoin’s recovery to $11,570. Hence, the two asset groups double-down on their increased correlation.

Alts Dump Against USD And BTC

After surging in value yesterday, the altcoin market has retraced heavily today against both the US dollar and Bitcoin. In terms of USD, Ethreum drops 5% to $390, Ripple (-4%), Bitcoin Cash (-5%), Chainlink (-8%), Litecoin (-6%), BitcoinSV (-7%), and Binance Coin (-5.5%) from the top 10.

Tezos, TRON, Monero, NEO, and Cosmos from the top 20 are down by about 11% to 15%. The most substantial losers against the dollar are OMG Network (-25%) after yesterday’s massive surge, Qtum (-23%), Swipe (-21%), Status (-18%), Band Protocol (-15%), Terra (-14%), and iExec RLC (-12%).

There are a few exceptions in the green against the dollar, including Golem (40%), and Augur (30%). These gains come after Golem introduced the first devnet for its new protocol dubbed The Alpha Reveal and Augur announced further details about its token migration (REP and REPv2).

Although to a lesser extent, most alts are in the red against BTC as well. Consequently, Bitcoin’s dominance has increased in the past 24 hours to 59.5% after dumping to 58.7% yesterday.