The Bitcoin price returned an index-matching seven percent decline, which forced the value of the flagship cryptocurrency down to $10,274 on Bitfinex. This signifies a more than $1,500 decline since Tuesday when the Bitcoin price appeared poised to punch past resistance at $12,000.
Bitcoin now has a $175.2 billion market cap. This translates into a 39.4 percent market share, which — notably — represents a 0.3 percent increase from its previous-day level, indicating that traders are rotating their holdings back into Bitcoin.
There does not appear to be a definitive trigger for the decline. Perhaps, unsure about the duration of the recovery, traders wise enough to strengthen their positions when Bitcoin was trading near $6,000 are taking money off the table to secure profits.
Altcoins Continue to Shed Market Share
Altcoins, meanwhile, failed to capitalize on the struggles faced by the two largest cryptocurrencies. Just three coins in the top 100 rose against the dollar, and a variety of top-tier cryptocurrencies could not even keep pace with the index’s seven percent pullback.
Third-ranked Ripple declined by seven percent, causing its price to plunge back below dollar parity. Bitcoin Cash, however, performed even worse. The fourth-largest cryptocurrency took a 10 percent hit that reduced its price to $1,240.
Litecoin and Cardano each declined by about six-and-a-half percent, causing their prices to decline to present values of $205 and $0.32, respectively. The EOS price declined by eight percent and is now trading just above $8.