cryptoglobe.com
On Thursday (May 30), between 15:30 UTC and 16:00 UTC, the Bitcoin (BTC) price went up from $8,744 to $9,046, breaking the $9,000 resistance level for the first time in 2019.
Sadly, Bitcoin HODLERs' joy was short-lived because within the next 10 minutes, the price had fallen to $8,903. And even worse, the BTC price just kept on falling. In fact, by 21:25 UTC, the price of the world's most valuable cryptocurrency had reached an intraday low of $8,1113, i.e. a fall of $933 or 10.3% in under six hours.
Please note that in the 24-hour BTC/USD price chart below (from CryptoCompare) the times shown are in UTC + 01:00:
Since there was no major negative Bitcoin news yesterday, most market observers are blaming this huge drop on profit-taking by some traders. Since that %10 fall, the BTC price has gone up a little; at press time (07:30 UTC on May 31), BTC is trading at $8,256, down 5.15% in the past 24-hour period.
As usual, Bitcoin's price crash managed to drag down the prices of most major altcoins, with the prices of all top 20 (by market cap) cryptoassets currently in the red, with the notable exception of Cosmos (ATOM), which miraculously has managed to go up 7.59% (in the past 24-hour period).
Here is how some of the most popular cryptocurrencies have been affected:
- Ether (ETH): $253.33 (-10.43%)
- XRP: $0.415 (-10.07%)
- Bitcoin Cash (BCH): $420.32 (-10.63%)
- EOS: $7.35 (-8.86%)
- Litecoin (LTC): $105.95 (-8.94%)
- Binance Coin (BNB): $31.07 (-8.37%)
Poor EOS perhaps has more reason to be angry with Bitcoin than any of the other major altcoins. Why? Well, at 17:41 UTC on May 31, while all the drama with Bitcoin was going on, Coinbase tweeted that it had decided to add EOS to all of its retail/consumer trading platforms (i.e. the Coinbase.com website and the Coinbase mobile apps for iOS and Android), and so EOS didn't manage to get the usual small increase in price that you would normally expect to see.
Currently, the reported market cap for the whole of the crypto market stands at $247.59 billion, with BTC Dominance at 59.26%
Featured Image Credit: Photo via Pixabay.com