Markets Update: Bitcoin Price Free-Falls After Breaching New Highs

The price of bitcoin dived on November 6 after reaching an all-time high of $7,590 across global exchanges. The decentralized currency’s value dropped to the $6,950-7,000 range. At the moment, the cryptocurrency’s market is consolidating above the $7K territory after the late afternoon sell-off.

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Bitcoin’s Meteoric Price Rally Hits the Brakes

What a difference a day can make in the land of bitcoin markets. Yesterday on November 5 bitcoin reached an all-time high (ATH) $7,590, but has since taken a 7 percent loss on November 6 which started around 1 pm EDT. Bitcoin’s market capitalization has shaved off a few billion as BTC currently commands a little over $116B. Even though bitcoin’s price corrected a touch, trade volume is exponentially high as there’s been over $3B worth of 24-hour global trade volume during each day of the week. Since the slump bitcoin’s market share dominance compared to all the other crypto-assets is still above 60 percent, but it may not last if the price drops further. Every cryptocurrency throughout the top fifteen highest crypto-caps, other than bitcoin (BTC), is in the green and up 2-15 percent.

The first week of November belongs to the Japanese yen again as far as capturing the leading bitcoin volume by currency. The yen is followed by the USD, KRW, EUR, and BGP capturing the most bitcoin trade volume right now. The top five exchanges by volume on November 6 are Bitfinex, Bitflyer, Bithumb, GDAX, and Bitstamp.

Technical Indicators

Markets Update: Bitcoin Price Free-Falls After Breaching New HighsCurrently, bitcoin markets are trying to consolidate in the $7K-7,150 region, but bearish sentiment Read More Here