Cryptocurrency markets are freezing down during the Asian trading sessions in the mornings. July fourth parties in the US may be nearing its end, but the Bitcoin beats a retreat at the moment, pulling altcoins once more into the marsh. The rapid-fire recovery of up to $12,000 from a 30% clearance to $9,600 had Bitcoin bulls dance again. It is obvious that many buyers are under $10,000 and many triggers are kindled when BTC hit this long-term 30% adjustment.
BTC did not stay for a long time at $12,000 and spent the best part of the past 24 hours, combining around $11,800. BTC returned $11,000 back with a swift change, a few hours ago. Since then, it has managed to restore its peace to around $11,150, down 6% for the day. This move lowered BTC’s market capitalization back below $200 billion as the prospect of lower lows. It can be combined here for a while; many think that $10,000 could be the new floor for the moment.
There is no doubt that the dominance of Bitcoin leads to a slow death in the markets of altcoin that once again get insulted with the same. Over the last 24 hours, $16 billion has left the space, as the total market capitalization has fallen from more than $335 billion to less than $320 billion, where it is currently.
Moon Overlord, Cryptocurrency merchant looks at the potential for profits in many of the altcoins, many of which are still completely broken down from all their peaks. On 4th July 2019, Moon Overlord said, “The one thing I will say about $ALTS is the upside on them right now is incredible. A lot of the top 100 altcoins are down 95-99%…. they can’t even go much lower. The upside is 10, 20 50X+, what are you waiting for that extra 0.12% down to buy them? The one thing I will say about $ALTS is the upside on them right now is incredible. A lot of the top 100 altcoins are down 95-99%…. they can’t even go much lower. The upside is 10, 20 50X+, what are you waiting for that extra 0.12% down to buy them?”
Other traders are cautious, as the altcoins can cut another 90% of their current weak positions. It is true that many of them are still far from their peaks and recovery seems to be impossible for them. According to Livecoinwatch, Ethereum which is second-largest cryptocurrency in the world is 80% lower than its high price of $1,400 in January last year, and Ripple’s XRP token is 90% lower. Other cryptocurrencies such as Bitcoin Cash, Cardano, Stellar, Dash, NEO, and IOTA, can’t able to recover from the pain as altcoin continues to upsurge. As we finish the week, during the Asian trade this morning, there is a lot of red on the cryptocurrency and it can last over the weekend.