The biggest and oldest cryptocurrency, Bitcoin, has been moving upwards over the past few weeks, causing ripples in the market as top currencies struggled to make out the direction it was about to take. The market sentiment had just made up its mind as $BTC broke the USD12000 price tag, and top currencies have followed Bitcoin recording gains, when the price of Bitcoin suddenly dropped under USD12000. After spending the past week range trading between USD12000 and USD11000, Bitcoin price took another dive today, with the price going under USD11000 per $BTC in two subsequent drops that have stabilized for the moment as the top currency trades at USD10880 at the time of writing, holding a USD194bn market capitalization.
Over the past 24 hours $BTC records a 4.5% loss while its high market dominance continues to fall slightly to 68.1%, which would indicate that most top currencies managed to outperform Bitcoin and retain their value, although those have been ravaged by the recent price volatility of $BTC.
The worst performing coin over the past 24 hours was $XMR, Monero, which managed to chart a 6.37% price decrease. The best performing coin over the same period was Bitcoin Cash, $BCH, which managed to outperform the rest of the top currencies, as well as Bitcoin, charting a 3.28% gain.
In the traditional markets, major stock indices opened the week in the red as global developments between U.S. and their trade partners take toll. However, they have managed to reclaim some of the lost ground today - the S&P 500 records a 1.59% gain on August 13th, Dow Jones Industrial Average is up 1.54% while FTSE 100 Index is recording a 0.33% gain. The SSE Composite Index hasn't been able to turn its trend around and is experiencing a 0.63% loss. The recent performance of traditional markets is of small wonder, considering the recent statements from the U.S. president, Donald Trump, who announced more trade tariffs will soon be introduced by the U.S., as well as the increase of global tensions due to the breakdown of the nuclear armament agreement between Russia and the United States. However, given the fact that turmoil in the traditional markets often favored those of cryptocurrency, we could see some interesting movement from the major cryptocurrencies in the days to come as the situation continues to escalate.
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