Markets go into freefall as Bitcoin drops by 11.6%; Chainlink, Binance Coin, Basic Attention Token resilient 🚨 This article is 5 years old...
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Markets go into freefall as Bitcoin drops by 11.6%; Chainlink, Binance Coin, Basic Attention Token resilient
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Updated: Dec. 16, 2019 at 8:53 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The cryptocurrency markets went into freefall as Bitcoin dropped from $13,063 to $11,497, an 11.6 percent drop over the course of 19 hours. The altcoin market saw even greater damage, with the average altcoin losing 12.8 percent. Falling prices do not appear to be attributed to any major news.
The market is seeing double-digit losses across the board without any major attributable news. Bitcoin reported trading volume is up from July 9 values from $28.2 billion to $33.6 billion—a 19.1 percent increase.
Overall market capitalization took a major hit falling from $342 billion to $299, evaporating $43 billion in capitalization value.
Meanwhile, Bitcoin dominance remains at highs not seen since the 2017-2018 bull market. With dominance relatively unchanged this means that BTC dragged most of the market down with it.
For a continued healthy bull trend, large drops to the downside are not abnormal. Bitcoin’s extreme volatility (compared to the traditional equities market) means that swings to both the upside and downside are expected.
Market bull Thomas Lee, co-founder of Fundstrat Global, summarizes this phenomenon:
reminder, Bitcoin is a hypervolatile asset.
This is great for volatility and other dedicated traders.
For most, taking a long-term view is more appropriate https://t.co/NX5FruWVEx— Thomas Lee (@fundstrat) June 27, 2019
Some may attribute this volatility to ‘major news,’ but the vast majority of announcements have a nominal impact on the Bitcoin price, despite what pundits and crypto publications may suggest.
Notable coins that weathered the drop were all product-related coins, including Chainlink (-4.67%), Binance Coin (-6.98%), Basic Attention Token (-6.95%), and Maker (-7.19%).
Of the top 10, the coins that saw the largest losses included the two major BTC forks Bitcoin SV (-18.98%), and Bitcoin Cash (-18.45%). TRON (-16.57%) also experienced abnormally large losses.
Realized price per Bitcoin continues to climb to make new yearly highs, which is the average approximate price each holder paid for their coins.
On average, investors paid $5,233 for their coins versus the current market price of $11,497—meaning that the average hodler is still up 119 percent.
Bitcoin Market Data
At the time of press 8:53 pm UTC on Dec. 16, 2019, Bitcoin is ranked #1 by market cap and the price is down 3.12% over the past 24 hours. Bitcoin has a market capitalization of $125.34 billion with a 24-hour trading volume of $19.5 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 8:53 pm UTC on Dec. 16, 2019, the total crypto market is valued at at $187.31 billion with a 24-hour volume of $66.83 billion. Bitcoin dominance is currently at 66.90%. Learn more about the crypto market ›
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In this article
Bitcoin
$98,666.55
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Chainlink
$16.8133
Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
Basic Attention Token
$0.23626
Basic Attention Token (BAT) is an Ethereum-based token that improves the efficiency of digital advertising by creating a new unit of exchange between publishers, advertisers and users.
Maker
$1,661.32
Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the IMF’s international currency basket SDR.
Bitcoin SV
$68.5793
Bitcoin SV is a full-node implementation for Bitcoin Cash (BCH).
Bitcoin Cash
$499.267
Bitcoin Cash (BCH) is a cryptocurrency created via a fork of the Bitcoin network.
Thomas Lee serves as the Managing Partner and the Head of Research at Fundstrat Global Advisors.
