Altcoin News: Bitcoin Lost Lion’s Share of Daily Gains, Falling by $2,000 in Minutes

June 26, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The culmination of the most successful day on the Bitcoin market since December 2017 was a sharp collapse in the price of the cryptocurrency.

Having started the day at about $11,000, the price of Bitcoin within 24 hours reached the level of $14,000, thus increasing by more than 25%. After reaching the local peak in a matter of minutes, the exchange rate dropped by $2,000. At the time of publication, the market continues to experience extreme volatility and constantly fluctuates between $200–300. At the same time, the growth of the 24-hour segment is still about 7%.

Image credit: TradingView

Unlike the CEO of the Kraken exchange, Jesse Powell, who expects to see a rise of up to $100,000 and “maybe a million” without visible obstacles, analyst Tom Luongo paints a less rosy picture.

“Markets that go vertical without really pausing to take a breather will always correct down. Hard. — he writes. “When that happens given the expansion of Bitcoin’s dominance of the crypto market by market cap percentage in the past few weeks, I would expect to see some strong rotation into both cash and alt coins just clearing major technical hurdles on any correction.”

Managing the division of the digital assets of VanEck, whose application for launching Bitcoin-ETF is at the US Securities and Exchange Commission (SEC) hands, Gabor Gurbacs drew attention on Wednesday to the vulnerability of the Bitcoin spot market due to imbalance and low book volume of cryptocurrency exchanges.

Altcoins, including those that did not have time to experience the same growth as Bitcoin, instantly found themselves in the red zone. EOS, for example, lost more than 10%.

Image credit: Coin360

The segment’s capitalization fell from a local peak of $386 billion to $353 billion.

The volume of liquidations on the BitMEX exchange for an hour was $270 million, while it's trading volumes continued to grow to new historical highs and approached $16 billion against $11 billion this evening.

Image credit: BitMex

Author: Marko Vidrih