After dipping below the $9,000 threshold, Bitcoin continued to see downward trend, down 5.6% over the day at press time.
Alongside Bitcoin, the top 20 cryptocurrencies by market capitalization are seeing major losses of nearly 10% over the past 24 hours, according to data from Coin360.
Market visualization. Source: Coin360
Following a fresh price decline, Bitcoin is trading down 4.9% at $8,736. With its intraday high of $9,253, Bitcoin tumbled more than $500 earlier today and is down around 4% over the past seven days, with an intraweek high above $9,500.
Bitcoin 24-hour price chart. Source: Coin360
Among the top 20 cryptocurrencies by market cap, Unus Sed Leo (LEO) is the only coin seeing gains at press time. The altcoin is up 1% to trade at $0.99 at the time of this writing.
On the other hand, Algorand (ALGO), the 20th biggest cryptocurrency by market cap, is down more than 10% over the past 24 hours, trading at $0.24.
The total crypto market capitalization presently accounts for $237 billion, according to Coin360.
As Cointelegraph reported on Nov. 5, some analysts say new sharp movements in Bitcoin’s price are filling in futures gaps. These gaps abruptly crash the market by hundreds of dollars before recovering minutes later, and they’re observed in situations when one session ends higher or lower than where the next one begins. Filling in futures gaps has reportedly become standard for Bitcoin, with analysts using them to predict potential declines in the market.
Major crypto bull Mike Novogratz suggested on Nov. 6 that the recent surge in Bitcoin’s price was triggered by China’s President Xi Jinping calling the country to accelerate blockchain adoption in late October. After China confirmed it’s not planning to mine Bitcoin in the country anymore, the market’s new downward movement contradicts Novogratz’s statement.
Not the Bitcoin market’s best day.