Currently, Bitcoin is trading at around $5,639 falling by more than 12% on the day and showing big signs of volatility as a leader in terms of market capitalization. Speaking of which, the market cap behind Bitcoin dropped below the $100 billion level for the first time since November 12th last year.
In the past 12 hours, the total market capitalization fell from $210 billion to the current $180 billion, depreciating by 15% and leading the market to the lowest value since October 31st of last year.
There are many other major cryptocurrencies that are reporting declines in excess of 10% on the day. Some of them are Ethereum, Ripple (XRP) and Bitcoin Cash – the latter of which holds the record for its continuous decline over the past week.
What’s also important to note is the fact that Ripple (XRP) is now the second largest cryptocurrency by market cap – overcoming Ethereum (ETH) overnight.
No one knows if the situation will continue like this. Analysts believe that if a quick bullish run initiates, everyone might be able to ‘forget’ this sad Thursday for crypto. However, an action like that would force Bitcoin to immediately gain control over $6,000 and altcoins to follow, which is beyond impossible at this moment.
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