Coingape - 10/11/2018 9:52:35 AM - GMT (+0 )
Bitcoin drops to $6,250 and altcoins go into free fall bringing the volatility back into the market after days of little to no activity. Recently, Bitcoin volatility hit a 17-month low that has experts predicting for insane volatility. Though people were hoping for bulls, bears are running the show.
The red entered the market yesterday when Bitcoin went from $6,600 to just above $6,500. However, it soon rose upwards and managed to climb $6,630. But today in about half an hour, Bitcoin lost $300 as it fell from $6,600 to $6,250. At the time of writing Bitcoin has been trading at about $6,290 while registering losses of over 4 percent in the past 24-hours.Bitcoin 1-day price chart, Source: TradingView
The world’s leading cryptocurrency saw a surge in its daily trading volume at $4.57 billion. As we reported yesterday, Bitcoin had started seeing movement in its trading volume as from last week’s $3.2 billion, it rose to $3.8 billion.
As usually happens in a bear market, this caused BTC dominance to rise and reach 54 percent.
Moreover, the drop has driven the Bitcoin shorts in action as it also takes a surge in anticipation of more fall coming.BTC USD Shorts 1-year chart, Source: TradingView
This led to a deeper fall in the value of altcoins resulting in a steep decline in the total market cap. A loss of $16 billion has been already registered in the market.1-day Total Market Cap, Source: Coinmarketcap
Altcoins fall sharply in tandem with Bitcoin and the entire market has turned red. Out of the top cryptocurrencies, the ones with the highest losses are:
- XRP is at the top spot with 12.91 percent loss at $0.4068
- Followed by IOTA (MIOTA) with the losses of 12.56 percent at $0.5024, Tron (TRX) with 12.37 percent loss at $0.0218, and Bitcoin Cash (BCH) at $448 while down by 12.17%
Ethereum (ETH) and Stellar (XLM) are also in deep red. Ethereum falls below $200 while XLM touches $0.2136 with both coins down by over 11 percent.
PIVX is the highest gainer of today with over 5 percent gains while Dentacoin loses the most with 15 percent loss.
The volatility has entered the market and Bitcoin is in action after days of not much movement. Recently, Bitcoin volatility hit a 17-month low that has the experts predicted insane volatility to enter the market. Though market participants have been expecting a bullish swing, looks like bears have won the round.
Do you think bears will further drive the prices lower? Or will market start recovering soon?