After The Latest ATH and $6,000 Drop, Bitcoin Calms at $65,000 (Market Watch)

After setting a new all-time high at $69,000, bitcoin dumped by more than $6,000 in hours before calming around $65,000. Most alternative coins experienced similar price fluctuations, with ETH plummeting from $4,875 to $4,450.

BTC’s 24-Hour Rollercoaster

The cryptocurrency landscape seemed rather calm just a few days ago when bitcoin appeared stuck around $60,000. However, the market reminded of its volatile nature in the following days.

Firstly, bitcoin went on the offensive, added $4,000 in hours, and neared its all-time high at the time of $67,000. After a brief rejection, BTC surpassed that peak and registered a new one at $68,600.

Just a day later, though, the cryptocurrency went on another tear and charted a fresh ATH at $69,000. As the community was preparing for a run towards $70,000, the situation changed once more.

In a matter of hours, bitcoin dumped by more than $6,000 and bottomed below $63,000, resulting in multi-million dollar losses in liquidations for leveraged traders.

As of now, the asset has recovered some ground and currently stands above $65,000. Its market capitalization is north of $1.2 trillion, while the dominance over the altcoins sits at 43%.

 TradingViewBTCUSD. Source: TradingView

Altcoins Follow Along

As it typically happens when there’s enhanced volatility with bitcoin, most alternative coins follow suit. Ethereum also saw a new record of nearly $4,900 yesterday before it plunged by more than $500 in hours to a weekly low of $4,450. ETH also reacted well after this drop and now stands above $4,700.

On a 24-hour scale, most alts are in the red. This includes Binance Coin (-1.5%), Cardano (-3.5%), Polkadot (-5%), Dogecoin (-4%), Shiba Inu (5%), and Avalanche (-3.3%).

Solana, Ripple, Terra, and Litecoin are slightly in the green, while Chainlink has surged by 6.5% in a day to $37.

More gains come from IoTeX (42%), Mina (24%), Kadena (18%), Helium (14%), and Zcash (11%).

The cryptocurrency market capitalization had lost more than $120 billion in a day to yesterday’s low but is now just over $3 trillion once again on CoinGecko.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

Publication date: 
11/11/2021 - 09:45
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