The most popular cryptocurrency, bitcoin, just erased all its gains this week after its price crashed by almost USD 2,000 suddenly, while the whole crypto market dropped by 13%. Only two coins from the top 100 are in green now.
At pixel time (05:18 UTC), bitcoin trades at c. USD 11,360 and is down by more than 12% in the past 24 hours and by 3% in the past week. Among the top 10 coins by market capitalization only binance coin performed better, dropping 7%, while other major tokens lost 13%-22% of their value.
Bitcoin price chart:
The whole market capitalization dropped by almost 13%, to USD 311 billion. However, bitcoin dominance, or the percentage of the total market capitalization, stayed above 65%.
Yesterday, when bitcoin was still trading closer to USD 13,000 than USD 12,000, Mati Greenspan, a senior market analyst at the eToro trading platform, said that a fresh high would be taken by the market as a confirmation that momentum is starting to build up again and could “certainly create more FOMO [fear of missing out] as we trek toward the all-time high.” It seems that the confirmation and FOMO have been postponed for the time being.
Top 10 coins by market capitalization: