It`s going down!
The bears take over on Thursday and pull the market leader below the important USD 11000 mark. According to this, a price slide of about 1500 USD has been recorded in the past 48 hours. Insecure investors are pulling billions of USD out of the market and many traders fear the notorious FUD (fear, uncertainty and doubt). At the same time, many Altcoins are being hit even harder. Polkadot can defy the downtrend as the only Top 10-Coin. We take a look at the chaotic market situation.
Bitcoin under 11000 USD
At the time of writing, Bitcoin is quoted at USD 10904, which is a daily minus of 4.12%. In the past 24 hours, investors have pulled over $20 billion out of the market. This figure reflects the current uncertainty. After rebounding at the $12000 mark, the support lines in the $11000 range are successively collapsing. Now, bullish investors are hoping for a quick recovery that could see the $11,000 mark breached. Looking down, the support lines at $10800 and $10600 are the most important ones.
Volatility is back
For a long time, the No.1 crypto currency moved in a manageable range, price outbreaks over 5% were considered a rarity. But now it looks like volatility is returning. Volatility is derived from the Latin word “volatilis” and means something like “flying” or “volatile”. In economics, the term refers to the standard deviation of change and is often used as a tool to determine the measure of risk. In the crypto world, volatility serves as an important measure of how the value of an asset changes over time. On the one hand, investors with an affinity for risk should be pleased about the strong fluctuations, on the other hand, the enormous uncertainty tends to deter risk-averse investors.
Bitcoin Dominance Index current
The Bitcoin Dominance Index is at 56.3% on Thursday. Although the alternative assets have suffered severe setbacks, the distribution of market shares remains stable. Nevertheless, the current “bloodbath” is likely to dampen hopes for an Altcoin Season for the time being. Many Altcoins have suffered severe losses in the last 24 hours.
Ethereum about to fall below the USD 400 mark
Ethereum falls to a price of USD 413 after a daily minus of 5.63%, threatening to slip below the important USD 400 hurdle. Two days after reaching its high for the year, the smart contract coin is feeling the full force of the first mover’s dominance. Chainlink (- 10 %) and Litecoin (- 7 %) are hit even harder in the Top 10.
Polkadot secures rank 5
With a daily increase of 3.89 %, Polkadot makes a statement in the direction of the competition. The Web3 Foundation project has been on a rising trend for days. After reaching the all-time high, DOT was able to position itself on position 5 of the crypto charts on Wednesday.