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After rising above $ 3,700 yesterday, Bitcoin is still again down to around $ 3,500 as it losses over 4 percent. As the top altcoins crash harder between 3 to 7 percent range, total market cap losses $ 5 billion.
Bitcoin Back to around $ 3,500
After the crash on January 10th, Bitcoin price once went to $ 3,720. Yesterday, Bitcoin saw 24-hours gains of about 3 percent and reached past $ 3,750, according to Coinmarketcap.
Bitcoin surge in Bitcoin traded on Bitcoin traded above $ 3,790 while around $ 3,700 on the majority of other exchanges.
However, yesterday's gains wiped out as soon as the market takes a hit. Bitcoin has come back on $ 3,500. The leading cryptocurrency is managing the daily trading volume of $ 5.1 billion.
Source: TradingView
The short-term price may not be in favor of Bitcoin, but according to Tyler Winklevoss, Bitcoin will beat the $ 7 trillion market cap of gold,
"Our thesis around Bitcoin's upside remains unchanged. We believe Bitcoin is better at being gold than gold. If we're right, then over time the market cap of Bitcoin will surpass the $ 7 trillion market cap of gold. "
Meanwhile, according to the latest reports by Chainalysis, darknet markets are thriving. The volumes have been peaked in 2017. However, the activity has been redirected to a new platform after AlphaBay closed in mid-2017.
Altcoins Seeing Deeper Red
As usually happens altcoins took it even harder as top cryptocurrencies are registering 24-hours losses between 3 to 7 percent. Cardano and IOTA lost more than 7 percent, bearing the highest losses among the top 30 cryptocurrencies.
XRP along with Bitcoin SV and Binance Coin sees the loss of just over 3 percent.
Source: Coinmarketcap
With 20 percent gains, Holo (HOT) is the top gainer with 12 percent loss, Stratis (STRAT) is the highest loss in the past 24 hours.
This led to the total market cap to shed about $ 5 billion while the 24-hour trading volume of the entire market is $ 17.4 billion.
Source: Coinmarketcap
Summary
Article Name
Bitcoin Drops Over 4% to $ 3,500, Ethereum, Bitcoin Cash, Stellar, Tron, & Cardano Fall Harder
Description
After rising above $ 3,700 yesterday, Bitcoin is still again down to around $ 3,500 as it losses over 4 percent. As the top altcoins crash harder between 3 to 7 percent range, total market cap losses $ 5 billion.
Author
Anjali Tyagi
Publisher Name
Coingape
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