Bitcoin Price Defends $10,000 as Market Cap Regains $10 Billion

After a few days of declines, Bitcoin has regained some value and is hovering around $10,500. Most altcoins are also recovering, with the total market gap increasing by $10 billion from yesterday’s bottom.

Bitcoin Bounces Off $10K

The bears dominated the cryptocurrency field in the past few days. Bitcoin dipped below $10,000 on two occasions just days after exceeding $12,000. Since the second drop, though, BTC has displayed signs of recovery and is currently trading around $10,500.

From a technical perspective, should Bitcoin dive again, it can rely on $10,140 and the psychological $10,000 as support. In case it breaks below them, $9,815 and $9,750 follow.

Contrary, if BTC continues its recovery, it would have to overcome the resistance levels at $10,600, $10,750, and $11,000.

btcusd_chartBTC/USD. Source: TradingView

As reported yesterday, Bitcoin’s movements resemble the stock markets’ developments in the past few days. The sharp price drops on Wall Street were also met by a quick recovery. Nevertheless, the three most prominent US stock market indexes all closed in the red. The Dow Jones declined by 0.55%, the S&P 500 ended with a decrease of 0.8%, and Nasdaq dropped by 1.27% at the closing bell.

Altcoins Recover, Chainlink Back In Top 5

Most alternative coins are in the green today, following the massive price drops. Ripple gains 2% since yesterday and trades above $0.25. Bitcoin Cash is up by 4%, Litecoin (4%), Binance Coin (2.5%), EOS (16%), Cardano (5%), Tezos (7%), and Stellar (6%) are among the most impressive gainers in the top 20.

Polkadot and Chainlink continue with their race for the top 5 position. LINK’s 5% gains have helped reclaim its place as DOT has lost 12% of value in the past 24 hours.

Tron has also dropped a significant chunk of value since yesterday (13%) to $0.035. TRX was one of the few coins that was surging while the rest of the market plummeted.

Although Ethereum has recovered from its intraday dip below $365, it’s still down on a 24-hour scale. ETH currently trades at $387.

bitcoin_crypto_overview

The most impressive gainers include OMG Network (28%), Storj (24%), Aave (17%), DFI.Money (15%), VeChain (14%), THETA (14%), UMA (13.5%), and 0x (12%).

Ultimately, the total market cap has increased to $342 billion after bottoming at $332 billion yesterday. Bitcoin’s dominance has also reclaimed some ground. The metric comparing BTC’s market cap against all alts dipped to 55.5% but is now 56.5%.

The post Bitcoin Price Defends $10,000 as Market Cap Regains $10 Billion appeared first on CryptoPotato.

Publication date: 
09/05/2020 - 10:03
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