After rising above $3,700 yesterday, Bitcoin is yet again down to around $3,500 as it losses over 4 percent. As the top altcoins crash harder between 3 to 7 percent range, total market cap losses $5 billion.
Bitcoin Back to around $3,500
After the crash on January 10th, Bitcoin price once went to $3,720. Yesterday, Bitcoin saw 24-hours gains of about 3 percent and reached past $3,750, according to Coinmarketcap.
The surge in Bitcoin price presented a good arbitrage opportunity for the traders as on Bitfinex exchange Bitcoin traded above $3,790 while around $3,700 on the majority of other exchanges.
However, yesterday’s gains wiped out as suddenly the market takes a hit. Bitcoin has come back on $3,500. The leading cryptocurrency is managing the daily trading volume of $5.1 billion.
The short-term price might not be in favor of Bitcoin, but according to Tyler Winklevoss, Bitcoin will beat the $7 trillion market cap of gold,
“Our thesis around Bitcoin’s upside remains unchanged. We believe Bitcoin is better at being gold than gold. If we’re right, then over time the market cap of Bitcoin will surpass the ~$7 trillion market cap of gold.”
Meanwhile, according to the latest report by Chainalysis, darknet markets are thriving. The volumes have rather peaked in 2017. However, the activity has been redirected to a new platform after AlphaBay closed in mid-2017.
Altcoins Seeing Deeper Red
As usually happens altcoins took it even harder as top cryptocurrencies are registering 24-hours losses between 3 to 7 percent. Cardano and IOTA lost more than 7 percent, bearing the highest losses among the top 30 cryptocurrencies.
XRP along with Bitcoin SV and Binance Coin sees the loss of just over 3 percent.
With about 20 percent gains, Holo (HOT) is the top gainer while with about 12 percent loss, Stratis (STRAT) is bearing the highest losses in the past 24-hours.
This led the total market cap to shed about $5 billion while the 24-hours trading volume of the entire market is $17.4 billion.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.