Four out of top 5 cryptocurrencies suffered double-digit losses in past 24 hours.
Bitcoin went over the past 4 days from $11 550 to $9 700. Bitcoin has broken the $10 000 milestone as it lost 7,71 % in past 24 hours. Bitcoin price now revolves around $9785, which is the lowest in August. Price went down but BTC dominance went up. Bitcoin now represents 68,4 % of cryptocurrency market in terms of market capitalization. Market capitalization of bitcoin goes as high as $260 billion.
What about the rest? Ethereum also registered significant loss of 12,92 %. Current price doesn’t go higher than $180 per piece on most crypto market platforms. Similar slump in past 4 days as in case of bitcoin caused decrease in price by more than $40. XRP lost 11,61 %, Bitcoin Cash lost 14 % and Litecoin lost 12,19 % in past 24 hours.
The Dow Jones suffered worst performance in 12 months as the index lost 800 points. Investors usually move their assets to safety. Such a negative reaction on risks in global economy might suggest that cryptocurrencies are not the safe haven asset some traders thought they are. This could lead to another slump as global economy slows down.