Cryptocurrency Market Sheds $8 Billion Since Yesterday (Market Watch)

Although BTC dipped to $10,750 yesterday, the asset is back near the psychological $11,000 level. Most alts are trading in the red as the entire market cap has lost over $8 billion from yesterday’s peak.

BTC Bounced Off $10,750

After two consecutive rejections at above $11,000, Bitcoin headed for a correction yesterday. The primary cryptocurrency dipped to its intraday low of about $10,750 (on Binance).

However, the price decrease was shortlived, and the bulls drove the asset upwards again. As of writing these lines, Bitcoin trades at a familiar ground from the past few days – about $10,950.

In case BTC initiates another breakdown, the first support level lies at $10,800, followed by the previous 2020 high from February at $10,500 and $10,400.

Alternatively, should Bitcoin reclaim the resistance at $11,000, it could challenge the next ones at $11,100 and $11,250.

This lack of severe volatility from Bitcoin resembles the developments in other financial markets. Gold, for instance, opened at $1,950 per ounce and after a few small fluctuations has returned to the same level.

The futures contracts of Wall Street’s most prominent indexes have remained relatively flat as well.

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Alts In The Red

Ethereum has lost nearly 2% of value in the past 24 hours. The second-largest cryptocurrency traded at about $380 yesterday but has declined to $373.

From the top ten, Ripple, Bitcoin Cash, and Litecoin are down by about 1.5% each. BCH remains positioned at the 5th spot, while Polkadot falls behind with another 6% price drop. Chainlink, which occupied the 5th position until a few weeks ago, continues its free fall. LINK is down by nearly 7% and now trades below $10.

After surging in value in the past few months to above $30, Binance Coin has also been retracing lately. BNB has now dropped to about $26. The data analytics company Santiment warned that the number of daily active addresses has plummeted in the past few days, suggesting further price dips.

A few lower-cap alts are displaying more substantial losses. Celo leads with a 22% decline, Kusama (-11.5%), Flexacoin (-11%), Elrond (-10.5%), Algorand (-10%), and Aave (-9.5%) follow.

Orchid is the most impressive gainer from the past 24 hours after Binance announced listing the native token. OXT skyrocketed by 25% to $0.35. DigiByte (11%), Celsius (6%), and Loopring (5.5%) also increase in value.

Despite those few coins trading in green, the market cap has declined from yesterday’s peak of $355 billion to $347 billion.