In brief
- The price of Bitcoin has fallen by $800.
- It has failed to keep above the psychological $10,000 mark.
- The recent price rally is not yet over.
The price of Bitcoin (BTC) has suddenly dropped by $800, falling from $10,200 to $9,400. Since the drop, the price has recovered somewhat, back up to $9,600.
This has reverberated across the crypto markets. All bar one of the top ten coins by market cap are in the red, with Bitcoin Cash (BCH) down 8% and EOS down 12%.
As a result, the entire crypto market cap—which was just under $300 billion earlier today—has sunk to $280 billion. Bitcoin's market dominance has dropped too, falling to 63% of the entire crypto market.
The crypto markets have been rallying since the start of the year, with the entire crypto market up 50%. Altcoins have been leading the way, making gains against Bitcoin. In particular, proof-of-stake coins have been performing well.
The price of Bitcoin managed to break through the $10,000 mark several times during this rally but fell back through each time. However, the price still remains in an upwards channel, so the rally is not yet over—for now.