Volatility Comes Back: BTC Drops By $1500 After Hitting The 2020 High

The volatility comes back for Bitcoin as the leading cryptocurrency dropped by $1500 in a few minutes, just a few hours after setting 2020 high. In our latest Bitcoin news, we can see that the entire market went through a Sunday morning wild ride with some major moves charged.

Bitcoin market a new yearly high above $12,000 before dropping in just a matter of minutes to $10,490 on major exchanges. Similar developments occurred for most altcoins but the market seems to have calmed down. August doesn’t look like it will repeat July as the previous month started slow and quite dull with the price movements. Bitcoin has taken August for a rollercoaster ride in the first two days as it registered a new yearly high of $11,700.

BTC/USD chart
BTCUSD 1-hour chart. Source TradingView

The bullish trend continued and Bitcoin reached a new yearly high hitting $12,100 on most exchanges. However, the volatility comes back and what we saw was a huge rejection and Bitcoin crashed to $10,500 in a matter of minutes. Bitcoin is now trading at around $11,300 thanks to a fast recovery move. On its way up, Bitcoin went past the major trend line resistance at $11,600 but the psychological level of $12,000 didn’t help the asset to reach a new high of $12,300. A few corrections were a part of the game which were expected. As it usually happens, most of the alternative coins followed along as ETH Broke above the $400 price point but then dropped to $25.

market cap
Cryptocurrency Market Overview. Source: coin360.com

Ripple’s XRP dropped to $0.25 from the previous high of $0.326 in a matter of minutes. XRP also recovered from the most important daily losses and is now trading at $0.3. LTC reached the $65 price point to $51 while Bitcoin cash dropped to $235 from the previous $338. Chainlink hit a price level of $8,4 but later dropped to $6.87 and Binance’s Coin BNB dropped to $19.1 from the previous position of $22.

total market cap
Total Market Cap 1w. Source CoinMarketCap

 

The entire market stabilized in a few minutes. Despite the harsh drops, however, the cryptocurrency market ended in a positive week in terms of price developments and most assets surged in value and so did the entire market capitalization by 15%. The total market cap reached $295 billion at the start of $329 billion at the time of writing.

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