Bitcoin Price Down by 10% as $200B Gets Wiped Off the Crypto Market

Following the April 23 massive correction that saw Bitcoin’s price dip as low as $48,000, the primary crypto managed to recover some of its losses.

On May 10, Bitcoin price rallied as high as $59,500, a level it had not reached in nearly a month. However, few moments the bears took charge and drove the price down by nearly 10%, plummeting to an intraday low of about $54,000. In few hours, the dip resulted in about $200 billion getting liquidated. 

Other altcoins have dropped in the last 24 hours as well. Despite Ethereum reaching an all-time high of $4,197 yesterday, it is down by 5.27% in the last 24 hours. Overall, Ether price is still up by 19.34% in the last seven days. 

Litecoin (LTC) is down by 11.26% and Binance Coin (BNB) has dropped by 4.00% in the last 24 hours. 

Bitcoin Price Bounces Up, Dominance Keeps Sliding

However, the market has bounced back and is gradually recouping its losses. Earlier today, Bitcoin price has traded up to an intraday high of about $58,588, according to Coinmarketcap. In the last 24 hours, the flagship cryptocurrency is still about 5% down.

As at press time, Bitcoin price was exchanging hands at $55,315. However, due to the gradual increase in the growth of some major altcoins, Bitcoin’s market share continues to drop. The market dominance is currently below $43%, down from about 70% earlier this year.

With the continuous decline of Bitcoin’s dominance, analysts have flagged it as a warning sign. According to JP Morgan analysts, investors are starting to get comfortable with altcoins, which explains why Bitcoin’s dominance continues to slide.

However, CryptoQuant CEO Ki-Young Ju believes Bitcoin is still bullish. He explained that Bitcoin’s Exchange Whale Ratio indicator currently indicates that the Bitcoin market is bullish. Moreover, a Swiss bank recently revealed it will start offering Bitcoin investments to its rich clients.

Total
0
Shares
Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts