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Home Blockchain

After Dip of $500, Bitcoin Price Back to Trading Sideways at $10,200

September 20, 2019
in Blockchain
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After Dip of $500, Bitcoin Price Back to Trading Sideways at $10,200
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Thursday, Sept. 19 — Bitcoin (BTC) price is back up and seems to be stabilizing just above the $10,200 price mark after experiencing a sudden drop of $500 in minutes earlier today.

After Dip of $500, Bitcoin Price Back to Trading Sideways at $10,200, CryptoCoinNewsHub.com

Market visualization. Source: Coin360

Bitcoin is trading sideways again

Bitcoin’s sideways trading behavior has become standard operating procedure in recent months, with long periods of sideways action giving way to sudden drops in prices, only to shoot back up to previous price levels.

Bitcoin price has started to trade sideways once again, currently at around $10,290 per coin, according to data from Coin360.

After Dip of $500, Bitcoin Price Back to Trading Sideways at $10,200, CryptoCoinNewsHub.com

Bitcoin 24-hour price chart. Source: Coin36

Some have tried to explain why BTC/USD began gaining and losing several hundred dollars within minutes at irregular intervals. One theory revolved around margin trading — an increasingly popular tool offered by major exchanges such as Binance and, most notably, BitMEX.

Twitter account Squeeze noted: “The effect of cascading margin calls and stop loss triggers causing $300 slippage between XBT perpetual swaps on Bitmex vs Spot BTC,”

While Bitcoin is back to showing sideways price movement, Ether (ETH) is continuing its bullish move to just above the $220 price mark. The most popular altcoin is currently trading at $221.39, showing impressive gains of more than 5% on the day.

After Dip of $500, Bitcoin Price Back to Trading Sideways at $10,200, CryptoCoinNewsHub.com

Ether 24-hour price chart. Source: Coin360

After weeks of sideways trading, Ripple’s XRP token took the lead in the top-20 altcoins with impressive gains just a few days ago. XRP was able to hold on to most of its gains and is currently trading at $0.30, although it is showing a loss of almost 1% on the day.

RELATED  Bitcoin Price Crashes $800 in Minutes as Bears Eye $9K Support Next

After Dip of $500, Bitcoin Price Back to Trading Sideways at $10,200, CryptoCoinNewsHub.com

XRP 7-day price chart. Source: Coin360

Top-20 altcoins mostly in the red

Most of the top-20 altcoins are seeing red today, with the exception of Ether.

The biggest top-20 losers of the day are Monero (XMR) and NEO, with both coins showing losses close to 3%. Ethereum Classic (ETC) and Bitcoin SV (BSV) aren’t faring much better, which are showing losses of around 2% each.

The overall cryptocurrency market cap sits at $272.9 billion, with Bitcoin making up 67.6% of the total.

Keep track of top crypto markets in real time here


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