The coming altcoin news showed that a lot of altcoins suffered in the overnight drop – just like the price of the most dominant cryptocurrency. With the BTC price under $12k, it is easy to see that the market has corrected and a fresh downward move occupied the space.
According to data from CoinMarketCap, the BTC/USD trading is around $11,750 at press time, which caps out 24-hour losses above 3%. The correction also follows several days of bullish price action in the Bitcoin and altcoin news – culminating in fresh highs over $12,300 for BTC on Tuesday.
Even though the weekly gains for Bitcoin remain strong at $18.5, the top cryptocurrency has fallen on the day. With the BTC price under $12k, analysts believe that the drop below the $12k barrier did not constitute a return to bearish sentiment.
According to Josh Rager who is a regular trader and analyst:
“As long as price holds above $11000, I’m not really that concerned about revisiting $9ks again or lower. It’s far riskier being bearish at this point in time.”
As we reported in the latest cryptocurrency news earlier today, the effect on Bitcoin’s latest surge likely lies in the macro trends focused on the trade war between United States and China – something that also took the stocks down by a lot this week. Rager noted that these events led to the BTC price under $12k and presented an opportunity to buy up more BTC now, as the initial boost is temporary.
Despite the rumors about a fresh hack on the major exchange Binance, it is unclear whether the concerns are translating into extra downward pressure on the crypto markets. What is certain is that many best cryptocurrency news sites report about BTC losses and the altcoins are also copying them – shredding anywhere from 2% to 8%.
Ethereum (ETH), for example, has been declining on the day. The largest altcoin by market cap is now around 4% lower than its value yesterday – and is currently trading at $223. The total cryptocurrency market cap is still over $300 billion and Bitcoin’s share (dominance) is at a new high of 68.7%.
We’ll see what the latest crypto news show in the coming days.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]