The price of Bitcoin experienced real turbulence yesterday as it pumped to $30,000 before dumping hard by $3,000.
The majority of the altcoins followed the same path experiencing similar volatility but are now calm, slightly in the red on a daily scale.
Bitcoin hardly ever sits quietly in terms of fluctuations in price, which is why the rollercoaster yesterday was expected to a large extent. The reason is that the primary cryptocurrency has been sitting in a tight range between $27,000 and $28,000 for several days now.
However, the trend changed when the bulls began to take charge and they pushed BTC hard. As a result of that, it skyrocketed to $30,000 within a day, which liquidated over $100 million in shorts. Although, at this point, fake news began to emerge which claimed that wallets connected to Mt. Gox creditors and the US government have started to get rid of their bitcoin.
The consequences were immediate as BTC dumped straight to $27,200 slumping by $3000. When the claims were denied, bitcoin was back on the offensive and claimed roughly $2,000.
As it stands, the cryptocurrency trades slightly below $29,000, which is an increase in comparison to its price 24 hours ago. The market capitalization is still standing at $560 billion, and BTC dominance is close to 47% after it gained over 1% in the past few days.
As is always the case whenever BTC is subjected to extreme volatility, so do the altcoins. The rally yesterday drove the price of ETH from $1,800 to almost $2,000, but the rejection that followed brought it back down to $1800. Now that things have settled, at least for now, the second-largest crypto trades at $1,883.
The only larger-cap alt well in the green on a daily scale is Cardano, which rallied by 3%. In contrast, Binance Coin, Polygon, Litecoin, Ripple, Solana, Dogecoin, Polkadot, and Shiba Inu all suffered minor losses.
The total market capitalization now remains at almost $1.2 trillion, despite rallying up and tanking down by roughly $50 billion.
Featured Image Source: Outlook India
