Polkadot enters the top 7 biggest projects by market cap list as it exploded by 80% while bitcoin and most others on the market are losing huge chunks of value. DOT continues with its increase as we are reading further in the latest altcoin news today.
The crypto market has lost about $20 billion from its market cap as most of the cryptocurrencies are in the red over the past day. Bitcoin’s current weekly low is set at $11,100 while Ethereum hit a target of $370. Polkadot is trading around $5.40 after the DOT token was added to major exchanges at a price of $3. DOT is recording a huge ROI of more than 80% over the past four days of trading. Polkadot enters the list of the top ten largest projects by market cap and the reason for the excitement could be the upcoming split of 1:100.
After a few days of stagnating, the main cryptocurrency made a huge move in the past 24 hours and now Bitcoin’s price went from the daily high of $11,800 to its bottom at $11,100 in a few hours. BTC recovered from the daily lows and is now trading below the $11,400 support turned resistance while the asset is still down by more than 2% since yesterday. Looking at it at a broader scale, Bitcoin lost more than $1000 since hitting the high of $12,450. The support at $11,100 which seems to have saved BTC from more losses, saved the asset during the latest crash. However, the cryptocurrency breaks below this level and BTC will have to rely on the psychological line at $11,000 before hitting $10,500.
According to the data analytics company Santiment, BTC’s drop could not be a surprise. By looking at the decreasing active addresses, the company concluded that Bitcoin’s drop was related to the 19.3% decline since the peak of 1.13 million active addresses on August 6th. As it usually happens, Bitcoin and gold are in correlating price performance and this metal also got down over the past day to a position of $1,920. Bitcoin dragged most of the coins with it and the entire market cap crashed to $350 billion.
Ethereum was not able to maintain its position above $400 and the second-largest cryptocurrency dipped below $370 before recovering. Ripple is down by 3% to below $0.28, Chainlink is down by 3% to $14.5, Bitcoin Cash is down by 4%, Litecoin by 5%, Cardano by 8% and Bitcoin SV by 4%.
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