Volatility is back in the cryptocurrency market but unfortunately, this time, the prices went south. Bitcoin lost almost $800 in today’s trading session, dragging the entire market down with it. BTC’s dominance, however, remains untouched, meaning that altcoins are still unable to capitalize on the sudden drop.
Bitcoin Plunges $800 In Hours
Bitcoin’s price took a beating today. The cryptocurrency dropped from a daily high $8,110 on BitMEX down to $7,350, marking a steep decrease of more than 7%. However, it managed to rebound at its lowest point of the day and it’s currently trading at around $7,600 at the time of this writing.
Interestingly enough, these are the lows that we saw back in October. It was then the cryptocurrency surged 42% in just a day, recording its largest daily percentage increase since 2011. As Cryptopotato reported earlier today, the support around $7,700-7,800 was an important one to watch and if it breaks down, we might get a drop all the way to $7,400. As it turned out, that was indeed the case.
On another note, Bitcoin’s dominance index remained relatively stable at 66.2%. This indicates that despite its decreasing price, the altcoins are still unable to gain momentum and flourish into a new altcoin season.
The Entire Market Bleeds Red
It’s not just Bitcoin that felt today’s painful market movement. The entire market is trading in the red with the majority of the cryptocurrencies marking notable losses. At the time of this writing, Binance Coin (BNB) and Litecoin (LTC) are both down more than 9%, while Ethereum (ETH) is down 7.5%.
The only cryptocurrency that remains afloat amid the tumultuous conditions is Tezos. It’s up 4.7% on the day against the USD and just as much against Bitcoin. XTZ is undoubtedly becoming one of the strongest performing altcoins in the past few weeks as it’s up more than 35% since the beginning of November.
As Cryptopotato reported earlier this month, November has historically been one of the most volatile months. So far, it appears that this time we won’t see any exceptions.