In the last 24 hours, bears have continued to place strawson the crypto camel’s back. For instance, Bitcoin stumbled below $3500. As usual, altcoins followed suit, bringing down the volume of all cryptos below$120 billion. As at press time, the circulating capitalization of the market has dropped to $113 billion.
With cryptos dropping lower, with an average loss of 8%, a slight resurgence was seen in the 24-hour volumes, rising to $16.5 billion compared to its initial $14 billion.
Now, let’s take alook into Bitcoin (BTC)
After the price of Bitcoin went below $3800 on Wednesday, its household asset was seen to rise, failing to go a leg below. Between Wednesday evening and Thursday morning, Bitcoin saw an unexpected surge, raising the asset upwards from $3800 to $3925 in a very short time (minutes).
However, after this increase, Bitcoin soon began to fall, starting a short trek below, supported with different market sentiments (mostly bearish) as well as renewed volumes.
Currently, Bitcoin stands at $3413. Some analysts has marked $3500 as the possible level of interest, with Daily FX’s Nick Cawley informing MarketWatch that with no news to trigger the move, Bitcoin (BTC) might find support at $3500.
Although, altcoins, for most of the time followed closely behind Bitcoin, there were some notable outliers. Bitcoin Cash (BCH) which had its hard fork just recently, felt an increase by 20% to values above $100,getting close to Ethereum’s (ETH) dollar value. Bitcoin Cash’ strong move downwards correlates with the 19% gain of BSV, with a good number of analysts hoping for the flipping of the Bitcoin Cash forks.
Importantly, with this continuous sell-off, there is a theme that has suddenly risen in crypto’s underlying folds. This theme has to do with the talk concerning the dominance of the Bitcoin market.