Bitcoin [BTC] price flash rise from $7500 to $10,350 came to the cooldown on Saturday, witnessing massive volatility. The daily correction in price from the high is about $1350, as the price tested daily lows near $9010.
The total market capitalization of the cryptocurrency market increased by over $50 million at the peak. Bitcoin contributed more than 80% to the rise on Friday and early Saturday.
The affirmative price action in Bitcoin fared well for most altcoins, as well. However, the altcoins lost value w.r.t. BTC as the move was driven primarily by Bitcoin. The dominance of Bitcoin [BTC] over the cryptocurrency market increased from 66% to 68% overnight.
Top Gainers among Top Altcoins
While Bitcoin recorded about 25% gains on the daily, major altcoins showcased double digital gains.
The top gainers among large-cap altcoins included Bitcoin Cash [BCH], Bitcoin SV, EOS, and Litecoin. The coupling of altcoins and Bitcoin gains can expect to take to begin an alt-season, or the extreme selling pressure w.r.t Bitcoin could lead to adversity for altcoins as well.
Bitcoin [BCH] recorded highs at $285. Moreover, Ethereum [ETH] too attempted to break towards $200.
Furthermore, the volume of trading on spot exchanges and futures increased drastically. While Bakkt volume recorded new ATHs, the CME futures contract ended on Friday. Trading on CME will begin again late on Sunday.
The futures trading volume on Binance surpassed $1 billion as traders look to cash in on the increased volatility. Moreover, the volume of the Binance spot exchange surged past $3.5 billion. The trading volume of Coinbase pro reached $1 billion as well.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com