Home » Cryptocurrency News » Cryptocurrency News » Bitcoin Loses $900 Amid Crypto Markets Collapse (Price Watch) Bitcoin Loses $900 Amid Crypto Markets Collapse (Price Watch) August 19, 2020
Bitcoin’s run above $12,000 was short-lived as the asset has tanked by 4% in the past 24 hours to $11,800.However, BTC’s dominance over the market has increased slightly as most altcoins have plummeted as well.Bitcoin Fails To Stay Above $12K
Bitcoin’s latest attempt to conquer $12,000 seemed successful at first glance, unlike the previous ones, when it dumped almost immediately after breaking above it.However, the situation reversed yesterday after a sudden price drop to $11,800 (on Binance).
Although the asset managed to recover some of its losses initially and headed above $12,000 again, the bears quickly regained control and drove it down to its current stance at $11,750.Thus, BTC completed a dump of 4% in the past 24 hours as it dropped to a low of $11,612 on Binance.
It’s worth following if the recent bull trend has reversed entirely, or this is just an opportunity to buy the dip.BTC/USD.Source: Binance
During yesterday’s trading session, gold also experienced a sharp price decrease.The precious metal went from its daily high of $2,015 per ounce to $1,975, thus reaffirming the increased correlation between the two asset groups.
In contrast, the stock markets were in the green.
The Nasdaq Composite increased its value by 0.75% after a rally from tech-based companies.The S&P 500 erased all losses registered during the most intense days of the COVID-19 pandemic and reached a fresh all-time high.Altcoins Bleed Out
As illustrated from the graph below, red dominates most of the altcoin market as well.Ethereum drops by 4.2% to $410, Ripple (-8%) to $0.29, Bitcoin Cash (-7%) to $295, Chainlink (-11%) to $15, Litecoin (5.5%) to $63, BitcoinSV (-9%) to $210, and Cardano (-6.8%) to $0.13 are the most significant losers from the top 10.Cryptocurrency Heat Map.Source: Coind360.com
Further losses are evident from Numeraire (-21%), Ocean Protocol (-20%), Fetch.ai (-19%), Aragon (-17%), Band Protocol (-13.5%), Zilliqa (-13%), Kava (-12%), iExec RLC (-12%), Qtum (-11.3%), and more.Interestingly, Justin Sun’s three cryptocurrency projects, namely JUST, BitTorrent, and TRON, are all down by approximately 15%.
Yet, it’s worth noting that Yearn.Finance, after recently marking a fresh all-time high, is up again with 21% to $11,088.Theta (7.5%), Compound (5.5%), and Swipe (4%) are also among the few gainers.
Ultimately, the market cap lost over $20 billion from the $387 billion peak yesterday to $366 billion at the time of this writing.
With most altcoins losing significant chunks of value, Bitcoin has regained some ground in terms of its dominance to 60% after dumping to 58.2% a few days ago.
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