Bitcoin loses 2 percent closing at $6,345 while its daily trading volume rises to $4 billion. In tandem with Bitcoin, a majority of the crypto market is in the red with the top cryptos down by 2 to 6 percent. In less than 2 hours over $6 billion has been lost from the market.
Volatility making Entry into Market
In about an hour, cryptocurrency market has suddenly gone red as cryptocurrencies losses between 2 to 6 percent of their value. The leading cryptocurrency Bitcoin is down by more than 2 percent. At the time of writing, Bitcoin has been trading at $6,345.
After a long time, volatility can be seen in the market again as Bitcoin registers the daily trading volume of about $4 billion. A few hours before it has been around $3.5 billion.
As can be seen in the 1-year chart below, Bitcoin has been holding steady for a long time except for a few jumps and dumps. Bitcoin volatility went extremely low that has the experts calling out for a huge swing either in upwards or downwards direction.
Out of the top cryptocurrencies, Litecoin (LTC) and TRON (TRX) lost the highest of close to 6 percent. Meanwhile, Tether (USDT) in the green by 0.11 percent is still below $1 at $0.99.
The top 7 cryptocurrencies are all in the red as shown below:
Down by 12.63 percent, Dropil (DROP) has lost the most value, while Nxt is still in the green by the highest percentage of 10.83 percent.
This has the entire crypto market cap taking a hit and falling over $6 billion in less than 2 hours. As the majority of the crypto market goes red, Bitcoin dominance rises to 54.2 percent.
As Bitcoin enjoys its 10th birthday, Bitcoin (BTC) and in tandem the majority of the crypto market suffers the losses. As for if prices will take a severe hit or if it’s just a short term drop, it is yet to be seen!
Do you think prices will drop even more or will it recover back shortly to their previous stable price point? Share your thoughts with us by commenting below!
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.