After topping the $12,000 mark and making the new 2020 high, the king cryptocurrency Bitcoin (BTC) faced a flat price crash within the duration of just five minutes on Bitstamp and Binance cryptocurrency exchanges and plummeted down to $10,500. The price value of Bitcoin suffered from a drop of 12% and lost more than $1,500 on the exchanges today on August 2, 2020, before bouncing back. At the press time, the price value of Bitcoin is changing hands at $11,259.36 USD.
Volatility for Bitcoin is back once again
After recording the lowest volatility level in the month of July, Bitcoin’s volatility has returned once again in the market as at the weekend the price of the leading digital currency has shown a volatile behavior.
Bitcoin has started off the month of August with a strong price rally which sent its price to as high as $11,700 on the first day of August on various exchanges. Continuing this bullish trend ahead on the second day of August, Bitcoin’s price went even higher today making its new high of $12,100 of the present year.
Following this price surge, Bitcoin’s price faced a sudden price crash, and it lost more than $1,500 today within just a few minutes. However, the top-ranked digital currency has been able to recover some of its lost value. Bitcoin is now facing resistance at $12,000. If Bitcoin aims to break its 2019 high in the short-term case scenario, the coin will have to break this resistance as soon s it can.
XRP and ETH Prices also dropped following Bitcoin
Following the Bitcoin price crash of 12% in minutes, the other top two cryptocurrencies ETH and XRP also had to go through a price drop for a shorter period of time.
Ethereum’s price dropped by 21% on major cryptocurrency exchanges on the same day before recovering back. Similarly, the third-ranked digital currency Ripple dropped from $0.32 to $0.25. But after that, it also managed to recover as well. Currently, Ripple’s XRP is 10.03% trading at $0.294116 USD.