There’s never a boring day in the cryptocurrency field and things tend to change in the blink of an eye.
Just earlier today, the total market capitalization was sitting comfortably at a 14-month high, and it took less than a few minutes for upwards of $10 billion to be wiped off its sheet. This happened as Bitcoin and other cryptocurrencies took a sudden dive.
Bitcoin Dives Below $12,000
In two violent red candles, the primary cryptocurrency lost about 3.6% of its value as it plunged to a low of around $11,800 on Binance.
Bitcoin was trading comfortably well above $12,000 earlier today after surging to almost $12,500 yesterday. Even though it recovered after touching $11,800 moments ago and is currently trading at around $11,940, BTC is still down about 1.5% over the past 24 hours.
As CryptoPotato reported earlier today, BTC showed signs of slowing down after its latest rally. It’s worth noting that this is to be expected, given the sudden nature of its previous increases. The positive trend is still in play.
With this move, Bitcoin dragged the entire market down as the capitalization lost about $10 billion of its Dollar value. This comes just as the total market had increased to a point not seen in the past 14 months.
Altcoins Suffer as Well
As it’s almost always the case, Bitcoin’s sharp decline also had an impact on altcoins trading against the USD.
Nearly the entire market is in the red right now, with average losses spanning between 1.5 and 3%.
However, the cryptocurrency that lost the most is Chainlink. Its price has been bleeding heavily throughout the entire day and even though it managed to recoup some of the losses in the last few hours, it remains down around 14% for the day.