December is starting with a bang, but within the flawed direction, as Bitcoin crashed by several grand again in a matter of hours with none apparent trigger.
Altcoins followed suit, with ETH losing the $3,000 and $2,900 levels, while XRP found some support at $2.00.
BTC falls below $86,000
The major cryptocurrency bottomed at $80,500 on November 21 and started a gradual recovery over the next ten days. It rose to $84,000 this weekend and rose to $88,000 by Wednesday. Although it was initially stopped there, it managed to interrupt through the resistance at $90,000 and even reclaim it towards the top of the trading week.
Bulls kept up the pressure last Friday as they pushed Bitcoin to a 7-day high above $93,000. The overall market sentiment began to vary as many expected one other rally towards $100,000. However, that has proven to be a distant dream, not less than for now.
Bitcoin faced immediate rejection at $93,000 and was driven to around $91,000, where it spent a lot of the weekend until the early hours of the Asian trading session. At this point, the BTC price began to fall rapidly, falling below $86,000 for the primary time in several days.
Although it has since recovered by around a thousand, BTC remains to be down 5% on the day. Its market cap has fallen to $1.730 trillion while its dominance over altcoins is over 57%.
BTCUSD. Source: TradingView
Alts with big declines
The altcoins are also deep within the red today. ETH has fallen over 5% and is now struggling below $2,850. XRP is down almost 7% and is below $2.05. BNB, SOL, DOGE, ADA, LINK and HYPE saw even steeper declines of as much as 8%.
ZEC continues its recent correction. Another 19% drop pushed the value to $365. Recall that the asset crossed the $700 mark not way back. RAIN is the one exception to the larger altcoins. It is up over 12% and trading above $0.008.
The cumulative market capitalization of all crypto assets has lost almost $200 billion in a day and currently stands at around $3 trillion.
Cryptocurrency Market Overview, December 1st. Source: QuantifyCrypto
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Article source: cryptopotato.com
The post Bitcoin Falls $6,000 Daily as These Altcoins Drop Double Digits: Market Watch appeared first on Crypto Adventure.
