Bitcoin is down on Sunday, wiping out 6.22% to 11,219 USD. Weekends are the wild west for the cryptomarket, but this time the trend is down.
The cryptocurrency edged lower, being the worst performer on the market today. Bitcoin, which trades 24/7, unlike securities on most traditional exchanges, cryptocurrencies trade around the clock across the globe. That’s because digital assets run on decentralised networks powered by blockchain technology that records all of the transactions, allowing crypto investors to send digital tokens anywhere, any time. And weekends are usually the time for the biggest speculations and changes on the crypto market. Looking back, most of the 40% gain, which Bitcoin registered since May were done during the weekend and especially Sundays. However, today was a bad day for the crypto market’s leader, which lost a significant part of its gains from the last days but also lost market value.
The Bitcoin market value fell below 200 billion USD and its dominance fell to 61.5%.
Bitcoin has been experiencing some incredibly positive price action over the past few months, but what started out at consistent, steady gains quickly changed into massive volatility after the cryptocurrency began moving parabolically, which ultimately resulted in the crypto losing its momentum and plummeting from its recent highs.
Now, it appears that Bitcoin has entered a period of consolidation, bouncing between the upper 10,000 USD region and the lower 12,000 USD region. Importantly, one analyst believes Bitcoin’s current consolidation trend could result in a plummet to 8,200 USD. Bitcoin’s volatility first began earlier this week when the cryptocurrency upwards momentum turned parabolic, leading it from weekly lows of 10,500 USD to highs of 13,800 USD. In the time since this price movement occurred, Bitcoin has found some stability between roughly 11,500 USD and 12,500 USD, which appears to be a fresh trading range that may persist for the foreseeable future.
In the near-term, it is important that Bitcoin closes above the bottom of this aforementioned trading range, or else a drop into the 9,000 USD region could be imminent.
Crypto market recap
The total cryptocurrency market value fell to 323.5 billion USD on Sunday, after the Bitcoin collapsed by more than 6%.
Ethereum is down by 2.8% to 297.57 USD, but actually, the collapse comes due to the fall of the Bitcoin. The situation with Ripple’s XRP is similar, the cryptocurrency losing 2.55% to 0.4061 USD in dollar terms.
Litecoin is the biggest winner today, gaining 1% to 129.14 USD.
Bitcoin Cash, EOS and Bitcoin SV reported significant losses in US dollar terms, wiping out 4.8%, 4.6% and 6.%, respectively.
The cryptocurrency market is all into the red, but only in dollar terms. Compared against the Bitcoin, however, the cryptocurrencies are mostly on the rise with their value appreciating and stealing market shares of the crypto market’s leader.
US crypto adoption
While cryptocurrency is relatively new in the finance industry compared to fiat and traditional banking sectors, a new survey indicates that interest in the nascent field is on the rise. In fact, the data indicates that quite a few people in the U.S. have not only heard of the various crypto offerings but have also expressed interest in investing. This paints a good picture of the industry’s health in the country despite obstacles.
The survey was conducted by Coinbase with over 2,000 participants as population samples. Based on the results, it’s quite clear that interest in Bitcoin and the broader crypto industry has caught on. This was made obvious by facts that more people searched on Google for Bitcoin than the ‘royal wedding’ or ‘election results’ in the past year.
The crypto exchange firm basically made use of reality star Kim Kardashian as a baseline for comparing and measuring the popularity of cryptocurrency. This is due to the celebrity’s titanic presence on social media and the internet, as a whole.
“On average, Google users have searched for Bitcoin more often than they sought out info on Kim K., and that number is only trending upwards. In late June — as prices climbed — Google searches for Bitcoin surged to almost three times higher than searches for Kardashian”, says the post.