It seems that the value of the cryptocurrency market hasn’t stopped falling. After losing more than $20 billion in total market value in one day, the situation worsened. Bitcoin drops below $11,000, Ethereum dropped to $400, and other altcoins followed closely.
Bitcoin Drops Below $11,000
Bitcoin was trading at $11,400 after recovering some of the losses it had previously recorded, but the sudden decline brought the asset to its lowest. As of the time of writing, Bitcoin is trading at $10,925.
Due to the turbulent and fragile situation, BTC has now regained a certain value and the current transaction price is over $10,800.
If Bitcoin drops below its current lows, Crypto Yoda, a leading cryptocurrency analyst, predicts the asset could fall to $10,500, which is also its 2020 high since February, and then retests $10,200.
$BTC current key levels:
previous Highs support range (magnet): $10,500 – $10,200
EMA 100 on Daily: $10,400
10k support below pic.twitter.com/JAXVjUAVfw
— CryptoYoda (@CryptoYoda1338) September 3, 2020
Interestingly enough, CME still has one big loophole, around $9,600. Given that BTC’s history almost always fills those loopholes, it should come as no surprise when it rolls over again in the next few days.
From a larger perspective, losing Bitcoin is much more serious. Just a few days ago, the major cryptocurrency was trying to break through $12,000. However, the heavy rejection at that point continued to affect the asset, which has lost more than $1,200 (10%) since September 1.
Altcoins Joins the Dump Trend
Usually, prices drop suddenly and most of the altcoins are following Bitcoin’s trend. Ethereum’s two-day dump continues to maintain the 7% level, and Ethereum’s current trading price is around $414.
Ampleforth also eliminated low-end products. Ampleforth led with a decrease of 37%, followed by the bZx protocol (-21%), Band protocol (-20%), and SushiSwap (-16%).
Although some profits like Tron continue to rise by 7%, the overall market value of the market is still suffering. After hitting a high of $394 billion on Tuesday, the indicator fell more than 10% to $354 billion.