Following the massive meltdown experienced on Friday evening and Saturday morning, bitcoin has expectedly calmed at around $112,000.
Most altcoins have shown similar behavior over the past day, but there are some gainers even from the larger caps, such as BNB.
BTC Calms at $112K
The business week began in an impressive manner for the BTC bulls as the cryptocurrency skyrocketed to two consecutive all-time highs last Sunday and Monday. The latest record came at just over $126,000. What followed was a minor correction and sideways trading at around $122,000.
That level held until Friday evening when the US President Donald Trump threatened and then officially announced a new set of tariffs against China. In the span of just a few hours, bitcoin’s price tumbled from $122,000 to $101,000 on some exchanges.
This caused a cascade of liquidations, which became the single-largest day of wrecked positions worth over $19 billion, according to CoinGlass. BTC bounced off as most short positions were closed and briefly exceeded $114,000, which only intensified the liquidations.
It has failed there for now and sits close to $112,000 as of press time. Its market cap has tumbled to under $2.230 trillion on CG, but its dominance over the alts is above 58%.
ZEC Defies the Crash
Zcash was on an impressive roll before the market-wide crash, surging by triple digits within a week or so. Although it dumped from $250 to $160 during the meltdown, it has not only recovered all the losses but even charted some gains and is now close to $300 after another 11% surge since yesterday. IP is the other big gainer from the top 100 alts.
Binance Coin has jumped by over 7% since yesterday and now trades above $1,150. Ethereum is up to $3,800 after a 3% increase, while XMR has risen by 7% to $308. Most other larger-cap alts are quite sluggish now.
The post ZEC Unfazed by Market Crash With Another Surge, BTC Calms Below $112K: Weekend Watch appeared first on CryptoPotato.
