Bitcoin rebounded after falling below 10,000 US dollars, and the altcoin bears a large selling pressure

Bitcoin rebounded after falling below 10,000 US dollars, and the altcoin bears a large selling pressure

Mainstream currencies have fallen sharply across the board today. Mainstream currencies such as ETH, LTC, XRP and EOS have experienced a sharp decline in BTC, with losses falling by 10-20% in less than 6 hours.

Among them, among the top ten currencies in the market capitalization, the BSV fell the most, with the largest drop in the day of 28% and the lowest hit $110.63.

ETH fell 20% of the market value in the past two days, the biggest drop in the day reached 20.5%, the exchange rate against Bitcoin fell again, the lowest hit $211.35, temporarily reported $226.44, the total market value was $24.207 billion.

LTC and EOS had the biggest drop of 15% in the day, BCH's biggest drop in the day was 22%, and TRX's biggest drop in the day was 17.5%.

Affected by market volatility and rising trading volume, the market has expectations for platform price increases. Both HT and OKB have risen in the price of US dollars: HT's biggest intraday increase of 5%, 24h rose by 0.91%; OKB rose the most intraday increase of 9%, 24h rose by 1.28%. In contrast, BNB fell 14.3%, the biggest drop in the two days over 18%. Contacted on July 12, the company announced that the team will change the source of destruction to the team lock BNB, the BNB in ​​circulation will stop the deflation state, or the main reason for the sharp decline of the platform BNB.

With the recent rise in bitcoin prices, the price of the altcoin has generally declined. Judging from the overall decline in the mainstream currency, part of the reason may be that the market confidence is insufficient when the price of bitcoin falls, and the risk aversion is large. At the same time, the decline in bitcoin price causes some funds to withdraw from the altcoin and flow into the bit. currency.

It is worth noting that Bitcoin's share in the digital currency market has gradually increased, and it has continued to grow throughout the market. Bitcoin accounted for 66% today, hitting a new high since May 2017.

Bitcoin rebounded after falling below 10,000 US dollars, and the altcoin bears a large selling pressure

According to industry analysts, the current increase in the market share of Bitcoin means that the market is withdrawing money from the air. If Bitcoin can return to $12,000 afterwards, its market share is expected to reach 70%.

With the further expansion of Bitcoin financial derivatives, it is also further crowding out the capital of the altcoin. According to foreign media reports, Grayscale Investment officially said in an interview recently that the speed of institutional investors' entry has played a role in market volatility. Compared to the majority of altcoins that lack the depth of trading, institutional funds clearly prefer Bitcoin.

Source: Chain Finance

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