Bitcoin price analysis: BTC/USD settles above $9,800, vulnerable to new losses
Bitcoin (BTC) managed to recover above $9,800 after a bloody crash towards $9.600 during early Asian hours. At the time of writing, the first digital asset is changing hands at $9,860, down 3.5% on a day-on-day basis. Bitcoin’s sell-off triggered a carnage on the cryptocurrency market as all major altcoins collapsed from the recent highs. Bitcoin’s market dominance settled at 67.4%.
The second-largest cryptocurrency with the current market capitalization of $22.4 billion hit $217.60 on Wednesday. While the coin has retreated to $207.50 by the time of writing, the overall sentiments remain bullish as the coin stays above a critical $200.00. ETH/USD has lost about 2.5% on a day-on-day basis amid global correction on the cryptocurrency markets.
Monero (XMR) is one of the biggest losers among top-20 coins. XMR/USD has lost nearly 10% since the beginning of Thursday to trade at $73.64 by press time. While the coin has recovered from the intraday low of $72.80, it is still controlled by bears amid expanding volatility. On a day-on-day basis, Monero is down 1.73%.