The Bitcoin crash saw market correction today that pushed the Bitcoin passed solid support levels. The Bitcoin fell below the $8000 mark and pushed the Altcoin down with it. The drop of the bitcoin will have adverse effects for the crypto market in general.
Market Cap Shrinks with The Bitcoin Crash
The crypto market experienced a lot of downward pressure with the slipping prices of the digital currencies. As a result of the altcoin and Bitcoin crash, the market capitalization lost value as it fell $20 billion. This is a drop from $276 billion to $256 billion in a day’s trading. Despite the market cap shrinking however, the interest is still there with increase to $81 million trading volume for the day. This could be only a result
The Bitcoin Crash Came Fast and Furious
The Bitcoin crash occurred early in Asian trading. It initially gained against the Dollar, pushing passed the $8000 mark and closed in on the $9000 resistance level. However, it was beaten back from the resistance point and ended up in a Bitcoin crash that finally broke past the $8000 support level. The Bitcoin is stabilizing below the $8000 mark at $7954.55.
The Bitcoin Remains Optimistic
Despite the Bitcoin crash, many investors are not ready to jump off the Bitcoin bandwagon just yet. The analysts see the losses of the bitcoin as a healthy retracement. Furthermore, the Bitcoin still dominates the overall market. The bitcoin consists a third of the entire crypto market. This dominance gives it the power to influence the market.
Altcoin Dragged Down with Weakened Bitcoin
The Bitcoin Crash weighed down on the alternative coins in today’s trading as majority followed the downward movement of the Bitcoin. The second largest and third largest coins fell dramatically along with the Bitcoin. Ethereum fell to $237 before recovering to $247. The Ripple also lost footing as it fell 6% to $0.4140. The Cosmos coin was one of the few exceptions that saw gains with a 4% jump today.