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.
BTC/USD by TradingView
Overall market capitalization took a major hit falling from $342 billion to $299, evaporating $43 billion in capitalization value.
Total Market Capitalization by TradingView
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.
BTC Dominance by TradingView
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,