Hold on to your pants as Bitcoin bears are tearing through the market again, causing a massive dump in the coin’s price. Post hitting the $13,000 mark, the king coin has dropped over $2,000 in a matter of few days, trading at just below $11,000 prior to this recent decline.
While the Bitcoin 2019 conference drew to a close amidst fanfare for the top cryptocurrency, the next week was like a bad hangover, complete with price-aches and market sickness. Soon after notable crypto-influencers like Erik Voorhees, Anthony Pompliano and Max Keiser mulled over the prospects of the cryptocurrency market and predicted a never-before-seen rally for the coin, the bears took notice and boy, did they bite.
The bite radius, in approximation, was to the tune of a massive $65 billion since the price topped, or rather tapped out at $13,700 on June 27. As the conference concluded, the price dropped down to $10,500, prior to it rising back up to $12,400 days later, with signs of yet another “high low” being recorded, much to the satisfaction of the larger market.
As June departed for July, this “high low” was broken, and the price dipped further with inklings of a four-figure decline, less than two weeks after recording this massive feat.
The recent “dump” began at 0100 UTC on July 2, on the eve of BitMEX’s Arthur Hayes and Nouriel Roubini from the cryptocurrency-haters club locking horns in Taipei. Bitcoin dropped by a massive 5.1 percent over an hour, as the king coin was priced at $9,738 on major exchanges, at press time. The coin’s market cap dropped to $176 billion, while just over a week ago, the market cap was as high as $245 billion. This is yet another reminder of the volatility of the cryptocurrency industry.
Market dominance for Bitcoin is on the verge of dropping below 60 percent, but is helped by the correlated bearish nature of altcoins. However, the similarity is worlds apart. While Bitcoin does have a ‘tether’ effect on smaller cryptos, the king coin’s 10.47 percent daily decline is reflected meagerly, with no altcoin dropping by that significantly.
Ethereum [ETH], Litecoin [LTC], Bitcoin SV [BSV], and Stellar Lumens [XLM] were the undoubted top-losers in the market, as the BTC bears saw each of them decline by a minimum of 7 percent within the day, while on an hourly basis each of them were in the red by over 3 percent. The collective altcoin market capitalization was at $117.1 billion, at press time. However, owing to yesterday’s $5 billion pump, the recent altcoin pullback was not as harsh as it was on the king coin.