Bitcoin price loses its bounce to drop below $20,000 before regaining ground; altcoins decline
Bitcoin price ended a three-day run of price increases on Wednesday, sinking below the $20,000 threshold it surpassed two days earlier before regaining this perch later in the afternoon. The largest cryptocurrency by market capitalization was recently trading at about $20,100, down more than 2% over the past 24 hours. At the time of writing, BTC is changing hands at $20,443.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price loses its bounce
After surging earlier this week, bitcoin resumed its more recent slump below $20,000 on Wednesday amid a sell-off by retail investors. The largest cryptocurrency by market capitalization was recently trading at about $19,900, down over 4% over the past 24 hours. The decline comes two days after bitcoin climbed past $21,000 as investors bought a weekend dip to two-year lows.
The decline came just two days after it cracked $21,000 as investors swooped in following a weekend dip, and amid a brief lull in the crypto calamities that have afflicted the industry in recent weeks.
“While markets have been suppressed, there has been an increase in the amount of larger Bitcoin addresses popping up on the network. Addresses with 10 to 10k BTC have surged on the drop 2 weeks ago, & 10k+ addresses have risen since February”, Santiment reported.
Ether, the second-largest crypto by market cap, was recently changing hands at approximately $1,050, down over 5% in the past 24 hours. Other major cryptos were well into the red with troubled crypto lending platform Celsius (CEL) off by as much as over 20% and WAVES down 13%.
The overall cryptocurrency market cap stands at $899 trillion, and Bitcoin’s dominance rate is 43.2%.
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