Bitcoin commutes to $ 29,000 after a massive roller coaster ride of $ 3,000: market observation
Bitcoin commutes to $ 29,000 after a massive roller coaster ride of $ 3,000: market observation
Bitcoin experienced a real roller coaster ride yesterday by pumping a local high of $ 30,000 before it was just as much dropped by $ 3,000.
Most old coins followed this example with a similar volatility, but have now calmed down slightly in the red area on the scale.
Bitcoins pump and dump
The primary cryptocurrency is rarely calm with regard to price movements, which is why yesterday's roller coaster ride was expected to a certain extent. This is due to the fact that the asset was between $ 27,000 and $ 28,000 in a tight span of several consecutive days.
The trend changed, however, when the bulls took command and BTC urged north. Within a day, it shot up to $ 30,000, which liquidated over $ 100 million on shorts. At this point, however, fake messages appeared in which it was claimed that the US government and Mt. Gox-Globbigger had started to dispose of their Bitcoin.
The episodes were felt immediately when BTC broke up by $ 3,000 to $ 27,200. When the reports were refuted, Bitcoin went back on the offensive and won about $ 2,000 back.
From now on, the cryptocurrency is traded at around $ 29,000, which is still a slight increase compared to its price from 24 hours ago. Its market capitalization is still over $ 560 billion, and its dominance compared to the Alts is almost 47 % after it has increased by over 1 % in the last few days.
BTCUSD. Tradingview
Alts now in red
As it generally happens when BTC is exposed to extreme volatility, the alternative coins also do this. Yesterday's increase drove the ETH from $ 1,800 to almost $ 2,000, but the subsequent rejection brought it back to the previous value. Now that the dust has at least temporarily laid, the second largest crypto is $ 1,900
Cardano is the only large cap-Alt that lies well in the green area in the green scale after it has risen by 3 %. In contrast, Binance Coin, Rippledogecoin, Polygon, Solana, Polkadot, Litecoin and Shiba Inu are included with little losses.
Cro, yesterday's top performer after a partnership with Amazon, has now declined by over 5 %, but is still over $ 0.07.
The entire crypto market capitalization now remains almost $ 1.2 trillion, although it has increased and fell by around $ 50 billion.
Overview of the cryptocurrency market. Quantify crypto