KCS, STABLE and PIPPIN are today’s biggest losers after the latest attacks.
Numerous altcoins have bled heavily, while Binance Coin has benefited from this and surpassed XRP in terms of market capitalization.
BTC dumps again
It’s already been a highly volatile trading week for the primary cryptocurrency as the bears appeared to be in full control on Tuesday. At the time, they pushed the asset south to a multi-week low of $62,500. However, Bitcoin recovered almost immediately and shot up by several thousand dollars to $70,000 on Wednesday.
Many analysts speculated whether this was a typical dead-cat bounce, which turned out to be the case. Initially, BTC fell to around $68,000, where it spent most of Thursday and Friday. However, the situation deteriorated again on Saturday morning when Israel launched a “preemptive” strike on Iran and declared a state of emergency.
Within minutes, BTC fell below $62,800 before recovering some ground to $63,400 at the time of writing. US President Donald Trump confirmed that the US was also involved in the attacks, and more volatility is expected later in the day as the situation unfolds.
As of now, Bitcoin’s market cap has fallen to $1.275 trillion on CG, while its dominance on alts is below 56%.
Alts Bleeding
The chart below shows the painful reality in the altcoin world, where almost all assets are deeply in the red. ETH has fallen $200 to $1,850 in recent days. XRP was surpassed by BNB after a 9% decline, while SOL is down double digits to below $80.
ADA, HYPE, BCH, DOGE, CC, LINK and XLM have also fallen sharply. Declines of up to 20% are clearly visible in KCS, PIPPIN and STABLE, while stablecoins linked to gold are in the green.
The total crypto market cap has wiped out over $100 billion in the past day and is well below $2.3 trillion on CG.
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