Bitcoin’s Recovery Fragile as $40 Billion Wiped Off Market in 24 Hours

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Bitcoin’s rollercoaster continued in the past 24 hours with a massive $2,000 dump and the subsequent recovery attempt. Most altcoins are covered in red, and the market capitalization has lost $40 billion in a day.

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After a relatively bullish weekend in which BTC gained some value, the primary cryptocurrency seemed primed for further increases. Initially, bitcoin indeed headed north, resulting in a fresh all-time high of $24,300 (on Bitstamp).

However, the bears quickly took control and dumped the asset price to an intraday low beneath $22,000.

Nevertheless, BTC bounced off to above $23,000 following reports that the NASDAQ-listed MicroStrategy has purchased $650 million more of the cryptocurrency. Since then, bitcoin has dropped slightly and currently sits around $22,700.

Should the asset is to resume its Q4 2020 bull run, the technical indicators suggest that it would have to overcome the resistance lines situated at round price tags – $23,000 and $24,000.

Alternatively, the support levels at $22,300, $21,950, and $21,730 could assist in case another rejection arrives.

BTCUSD. Source: TradingView
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As it typically happens when BTC displays high volatility, the altcoins feel it harder. This has been the case in the past 24 hours, with some vigorous double-digit price drops.

Ethereum traded near $680 yesterday before heading south and dipping beneath $600. On a 24-hour scale, ETH has increased slightly since the low and sits at about $605.

Binance Coin (-7.5%), Chainlink (-7%), Polkadot (-5%), and Cardano (-5.5%) have also lost substantial chunks of value. However, three top 10 tokens have plummeted by double-digits. Litecoin has lost 12% and struggles above $100, Bitcoin Cash has gone down by 16% to beneath $310, and Ripple has dumped by 17% to $0.47.

XRP’s losses could be attributed to reports that the US Securities and Exchange Commission will sue the company for issuing the XRP token as non-registered security.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further losses are evident from Siacoin (-12%), Uniswap (-12%), ABBC Coin (-12%), Stellar (-11%), EOS (-11%), Yearn.Finance (-11%), Crypto.com Coin (-11%), ICON (-11%), and more.

Ultimately, the cryptocurrency market capitalization has dived from $673 billion to $633 billion in a day.

Crypto Market Cap. Source: CoinMarketCap
Crypto Market Cap. Source: CoinMarketCap

 

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Cryptocurrency charts by TradingView.

Free Bitcoins: FreeBitcoin | BonusBitcoin

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