Cryptocurrency market suffered a huge loss today. The largest currencies Bitcoin and Ethereum fell 8% and 5% respectively today. Thus, they took the entire cryptocurrency market down with them. A handful of leading altcoins tumbled into double-digits as the markets took a bloodbath.
More than $550 million of cryptocurrencies have been liquidated from the markets in the last 24 hours. The total value of the crypto market has dropped by nearly 7% today to $1.09 trillion. As BTC is in a downward spiral, it is quite possible that the liquidation numbers will increase further.
This altcoin skyrocketed as Bitcoin crashed
Santos FC Fan Token (SANTOS) rose 141% in 24 hours even after the Bitcoin and cryptocurrency markets crashed. Listed on Binance, Santos challenged the trend by opposing the crypto markets on Friday. The altcoin’s trading volume increased by nearly 400% in one day, thus displaying heavy bullish sentiments.
Santos jumped from $10.03 to $21.06 in less than a day. As a result, it made investors smile by doubling their money in a short time. Its market value has also increased by 70% today, reaching $80 million. Investors who take an early entry position during the dips benefit from all the profits generated by the Fan token.
Why is the price of Santos rising?
For those who don’t know, Santos FC is one of the biggest football clubs in Brazil. This team has its own cryptocurrency. The team is one of the strongest in the club and has won eight Brazilian championship trophies. Santos FC also commands an army of fans and their fans are extremely attached to the team.
The real reason Santos has a rally today is because the football tournament has started. Fans are betting on Santos and putting their money into the altcoin to lift the trophy once again. Santos’ excitement will continue until the tournament is over and it is possible to repeat a sudden price increase like today. The football team will hit the pitches with Sao Paolo on Monday, August 22nd, and the price may again take a leap.
Why did Bitcoin and altcoins crash?
Last week, the Bitcoin price rose to the $25,000 level. However, it fell after that and returned to mid-June price levels. Yesterday, BTC price was trading at $21,400. The leading cryptocurrency was changing hands at $ 21,237 at the time of writing. Bitcoin is down another 1.54% in the last 24 hours.
Ethereum, on the other hand, suffered more severely than Bitcoin. The leading altcoin is down 5.43% in the last 24 hours and is currently trading at $1,631. ETH was trying to reclaim the $2,000 level last week. As cryptokoin.com reported, the main reason behind the crash was the massive miner sales that took place when BTC reached $25,000. Miners have sold over 6,000 BTC and therefore the price has dropped.
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