Crypto Market Cap sees Below $1 Trillion as Altcoins sees Red
Crypto Market Cap sees Below $1 Trillion as Altcoins sees Red:
Today didn’t start out well as the total cryptocurrency market capitalization slips below $1 trillion, as major Altcoins see red.
The world’s first cryptocurrency, Bitcoin also slipped below the sustained $20,000 as the bulls failed to utilize the long market consolidation.
For a while now, Bitcoin has failed to get any notable increases in the past 24 hours and is down some 1.3%.
The bulls continue to struggle to make something green, but all to no avail.
This has given charge over to bears who have once again push BTC below the coveted $20K level.
$28 million worth of BTC positions liquidated
About $28 million worth of BTC positions have been liquidated in the past 24hours, which is relatively insignificant, showing that BTC volatility is drying off slowly.
At this point, ETH futures traders seem dominating.
Aside the chart drop-down on BTC, Altcoins also followed the boss to see some bleeding out.
The majority of Alt coins lost between 1% and 3% over the past 24 hours in a slow sideways decline which is not surprising.
Ethereum lost about 2.61% over the period, leading to the liquidation of about $90 million worth of ETH-positions.
What is going on currently in the crypto market
Crypto traders make money from the decrease or increase of Bitcoin, not when Bitcoin keeps staggering (low volatility).
The volatility of BTC is leveraged for profits, and traders ain’t finding the current movement of BTC any funny.
Although, a more bearish move is being anticipated, but professional traders envisions a little bull run before the hard bearish season come by.
Meanwhile, Bitcoin is trading $19,837 at the time of this report.