Bitcoin Breaks $12,000 Before Plunging, Crypto Markets Turn Downward

Published at: Aug. 7, 2019

Wednesday, Aug. 7 — Most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as Bitcoin (BTC) briefly broke the $12,000 mark and subsequently fell.

Market visualization courtesy of Coin360

Bitcoin price is currently down 0.67% on the day, trading at $11,673, according to Coin360. Looking at its weekly chart, the coin is up by about 17.27%.

Bitcoin 24-hour price chart. Source: Coin360

As Cointelegraph reported earlier today, the correlation between Bitcoin, often referred to as digital gold, and physical gold has almost doubled in the past three months.

While the seminal cryptocurrency is down today, it has been in a general uptrend for the past several months, as more investors are using it as a hedge or safe haven from financial instability fomented by geopolitical tensions.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $23.8 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $13.1 billion at press time.

Coin360 data shows that Ether has seen its value decrease by about 2.4% over the last 24 hours. At press time, Ether is trading around $224.47. On the week, the coin is up almost 4%.

Ether 7-day price chart. Source: Coin360

XRP is down by about 2.64% over the last 24 hours and is currently trading at around $0.311. On the week, the coin is down about 3%.

XRP 7-day price chart. Source: Coin360

Among the top 20 cryptocurrencies, the one reporting the most notable price movements is Binance Coin (BNB) which is up about 5.82%. At press time, the biggest loser among the top 20 coins is Litecoin (LTC), which is down 6.89% on the day to trade at $89.22.

At press time, the total market capitalization of all cryptocurrencies is $297 billion, according to Coin360.

In traditional markets, the United States stock market is seeing slight losses so far today, with the S&P 500 down 0.67% and the Nasdaq down 0.38% at press time. The CBOE Volatility Index (VIX), on the other hand, has gained 2.78% on the day at press time.

Major oil futures and indexes are seeing losses today, with WTI Crude down 4.53%, Brent Crude down 4.26% and Mars US down 2.36% at press time. The OPEC Basket is down 1.37% and the Canadian Crude Index has lost 46.45% over the 24 hours by press time, according to OilPrice.com.

Keep track of top crypto markets in real time here
Tags
Bitcoin
Bitcoin Price
Ethereum
Altcoin
Cryptocurrencies
Ether Price
Ripple
Related Posts
Price analysis 1/13: BTC, ETH, XRP, LTC, ADA, BCH, DOT, XLM, LINK, BNB
The top 100 richest Bitcoin (BTC) addresses have added 334,000 Bitcoin to their existing holdings over the past 30 days, a clear signal that whales and institutional-size investors bought the dip. A positive sign is that most of them have not reacted to the recent fall in Bitcoin’s price. This suggests that large investors are bullish on Bitcoin for the long term rather than looking to make a quick gain. An important element in the recent rally is many of the purchases have come from institutional investors who were critical of Bitcoin in the past. The list is likely to …
Bitcoin / Jan. 13, 2021
Bitcoin Breaks Back Above $5,500, Cryptos Recover From Major Sell-Off
Thursday, April 25 — crypto markets have mostly recovered after yesterday’s significant sell-off, with Bitcoin (BTC) breaking back above the $5,500 support. All but four coins among the top 20 cryptos by market cap are in green at press time. NEO is seeing the biggest increase of almost 7%, while bitcoin SV (BSV) and tezos (XTZ) tumbled 1% and 2.25%, respectively. Market visualization from Coin360 Bitcoin is steadily growing on the day and is trading at $5,521, up 1.18% over the past 24 hours at press time. The intraday low amounted to $5,421. Over the past 7 days, Bitcoin is …
Bitcoin / April 25, 2019
Crypto Markets Lose $2 Billion After Brief Recovery Attempt, US Stock Market Is Down
Tuesday, Feb. 26: after a brief recovery attempt yesterday, crypto markets have lost more than $2 billion in terms of total market capitalization today, with the top 20 cryptocurrencies seeing mixed signals. While the market is overall trading sideways, most of top 20 coins are in the red at press time. Market visualization from Coin360 The largest cryptocurrency, Bitcoin (BTC), is down around 1 percent over the past 24 hours, trading at $3,847 at press time. Following major losses on Feb. 24, the top cryptocurrency is down over 3 percent over the past 7 days. Bitcoin 24-hour price chart. Source: …
Bitcoin / Feb. 26, 2019
Bitcoin Price Near $3,400, Wider Crypto Markets See Another Mild Slump
Thursday, Dec. 13: after seeing a small rebound yesterday, crypto markets are experiencing another mild decline, with 19 out of the top 20 cryptocurrencies by market cap in red. Market visualization from Coin360 Top cryptocurrency Bitcoin (BTC) has not managed to hold $3,500 support, dropping to as low as $3,406 earlier today. As of press time, the coin is trading at $3,417, down about 2 percent over the past 24 hours. The leading coin is down about 6.5 percent over the past 7 days by press time. Bitcoin 24-hour price chart. Source: CoinMarketCap Bitcoin Price Index Ripple (XRP), the second …
Bitcoin / Dec. 13, 2018
Bitcoin Hovers Near 6,600, While Most Top Coins See Little Price Volatility
Friday, Oct. 5: cryptocurrencies are seeing little volatility over the past 24 hours to press time, with the majority of losses and gains of top coins capped within a 1 percent range on the day, as data from Coin360 shows. Market visualization by Coin360 Ripple (XRP) is the only outlier in the top ten coins, down a little over 3 percent on the day to trade at $0.52. The asset – which in September briefly outflanked Ethereum to seal the second spot ranking on CoinMarketCap listings – has had a shaky start to the month, and is currently trading almost …
Bitcoin / Oct. 5, 2018