Bitcoin Faces Minor Correction as Altcoins Experience Significant Price Drops
Bitcoin, known as one of the more stable digital assets, has only seen minor daily declines. However, other cryptocurrencies have experienced notable price drops. Avalanche leads the race once again with a significant 12% dump, followed by APT, LDO, FIL, NEAR, OP, and others.
Alts Dump Hard
Most altcoins were experiencing price hikes until recently, reaching impressive local peaks. However, the landscape has shifted, and red dominates almost all charts.
Ethereum spiked to $2,100 after news that BlackRock had filed for a spot ETH ETF. However, the second-largest cryptocurrency quickly lost value and now trades $200 away from that local high. Other altcoins such as Binance Coin, Tron, Ripple, Bitcoin Cash, Shiba Inu, Litecoin, and Toncoin are also down by approximately 2-3% in the last 24 hours. Additionally, Solana, Cardano, Chainlink, MATIC, and DOT have experienced declines of up to 8%. Avalance, one of the larger-cap altcoins, lost 12% of its value, trading close to breaking below $20.
The total crypto market cap has dropped by over $70 billion since the Thursday rally and is currently below $1.4 trillion on CMC.
Market Overview
BTC Uncertain at $36K
Bitcoin led the rally on Thursday with a $3,000 surge in a day, reaching an 18-month high at $38,000. However, the bears intercepted the move, causing bitcoin to lose substantial value in hours, dipping below $36,000. It has started to recover but currently trades just above $36,000. Its market cap remains at $709 billion, with dominance over altcoins at 51.7%.
Despite the correction, Bitcoin is still uncertain at $36K, while the market for altcoins experienced significant declines. The total crypto market cap has witnessed a significant drop, causing concern among investors about the future of cryptocurrencies.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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