Bitcoin (BTC) Price Crashes Fast, Erasing $1,600 in a Day
The meteoric rise close to $13,000 reversed on Thursday, as BTC continues to try and defend its gains.
Bitcoin (BTC) kept to its usual pace of fast gains and equally fast losses, erasing more than $1,600 in the past 24 hours. BTC traded at $11,407.21, down more than 11.8% in the past day, as the crash accelerated on Thursday as of 5:50 UTC.
BTC crashed along with other assets just a day after the leading coin touched the $13,000 level. The sell-off is also happening on relatively high volumes, above $31 billion’s equivalent. This pattern is not unusual for BTC, where the gains are still uncertain and easily shaken down by selling.
The price drop of BTC is still lower in comparison to altcoin losses. BTC now dominates more than 65.5% of the market capitalization for all digital assets, levels not seen since April 2017. Altcoins also had one of their strongest rallies in 2017, and outpaced the growth of BTC in 2018, but are now on a declining trend.
Once again, more than 60% of all BTC trading is in the pairing with Tether (USDT), and the price gains fuel USD-based trading, which takes up 16% of all orders. The Japanese yen has a slightly higher share of about 10%, significantly down from its peak of carrying 60% of BTC activity.
The current rally is happening in a mood of BTC maximalism, as altcoins are still failing to rally, and there are doubts that the thousands of assets may ever recover. There are still expectations BTC may continue to a yearly high, with the aim of repeating the $20,000 price record. The fast gains are making the coin more volatile, but the sentiment is leaning more towards appreciation instead of correcting to a lower price range.
The increased interest in BTC trading put Binance at the top as one of the leading Asian exchanges. Now, the market operator has significantly lowered the minimum order for BTC, from 0.001 BTC down to 0.0001 BTC.
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