The cryptocurrency market cap has lost $8 billion meanwhile Bitcoin price remains relatively calm and is just beneath $ 11.000

By Selena On Sep 21, 2020

While the Bitcoin price plunged to $ 10,750 yesterday, it appears that the market’s leading cryptocurrency has been trying to regain momentum, returning to near the psychological level of $ 11,000. Most cryptocurrencies are still in the red as the overall market cap has evaporated over $ 8 billion from yesterday’s peak.

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price bounced back $ 10,750

After two consecutive rejections above $ 11,000, Bitcoin headed for a correction yesterday. BTC has dropped to an intraday low of around $ 10,750 (on Binance).

However, the bearish momentum ceased to exist, and the speculators attempted to push Bitcoin back up. At press time, Bitcoin is trading at familiar levels over the past few days – around $ 10,865.

If BTC starts another breakdown, the first support levels lie at $ 10,800, followed by the previous 2020 highs from February of $ 10,500 and $ 10,400. Alternatively, if Bitcoin recovers from resistance at $ 11,000, it could challenge the next levels at $ 11,100 and $ 11,250.

This severe lack of volatility from Bitcoin is like the development in other financial markets. For example, gold opened at $ 1,950 / ounce, and after a few small fluctuations, returned to the old level. Futures on Wall Street’s most prominent indices are also relatively sideways.

Altcoins are also in the red

Ethereum price has lost nearly 4% of its value in the past 24 hours. The second-largest cryptocurrency in the market was trading at around $ 380 yesterday but fell to $ 368.

Source: Coin360

In the top 10 CoinMarketCap, Ripple, Bitcoin Cash, and Litecoin all fell around 2%. Meanwhile, BCH is still in 5th place, and Polkadot has been lagging with a price drop of nearly 9%. Chainlink continues in free fall, down almost 9%, and is currently trading below $ 10.

After rising in price over the past few months to above $ 30, Binance Coin (BNB) is also dropping in price recently. BNB is now down to around $ 26. Data analysis firm Santiment warns that, with the number of daily active addresses plunging over the past few days, it suggests that BNB prices will continue to decline.

BNB Price/DAA | Source: Santiment

Some of the lower cap altcoins are showing more significant losses. Celo leads with a decrease of 22%, Kusama (-11.5%), Flexacoin (-11%), Elrond (-10.5%), Algorand (-10%) and Aave (-9.5%).

Orchid is the most impressive gainer in the past 24 hours after Binance announced the listing of OXT – OXT token soared 25% to $ 0.35. DigiByte (11%), Celsius (6%), and Loopring (5.5%) also increased in value.

Although there are very few coins trading in the green, the market cap has fallen from yesterday’s high of $ 355 billion to $ 347 billion.

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