Crypto statistics and trends #9 – a blood bath

$ 7360 --- $ 6270

A blood bath in the cryptocurrency market just occurred! In 24 hours we have seen almost a 15% drop of Bitcoin price followed by the fall by Altcoins!

Where could we look for the reason? Someone opened a massive short position on Sunday...

However, Bitcoin has already dropped 4 times to $ 6000 support zone, where it bounced back up every time followed by massive purchases. I assume that $ 6,000 could be considered as long-term support then.

As I mentioned in my last post Crypto statistics and trends #8 – turning from bear to bull, at the 6k-6,5k zone, there are massive purchases at OTC markets. They couldn’t be measured, but if the institutional investors want to buy Bitcoin, they surely want to do it secretly and not drive the price of Bitcoin up!

Bitcoin

The dominance of Bitcoin is 54,8 %, it always runs up when Alts are bleeding, because they are so many of them and most of them go down in BTC pair. If the Bitcoin will go even lower to 6k level, we might expect the rising dominance to 55 % – 60 %. Last time the dominance was around 60 % was between November and December last year just before the alt season happened.

Altcoins

There are no big gainers except True USD and USDT, well Dogecoin went up by 9% in last 24 hours, but we might expect a correction after its huge run-up last week. The biggest drop in BTC pair happened (from TOP 100) to Bitcoin Diamond with almost 18 % drop. IOST lost 17 % and Stratis 16 %.

Is this the final capitulation? Could we go even lower? What do you think about it? I would be pleased to see your opinion!

Disclaimer: This article is just informational. It’s not a financial advice. Before investing in cryptocurrencies, do your own research. The market is quite new, very volatile and speculative!