As a seasoned researcher who has witnessed the crypto market’s volatile rollercoaster ride for years, I must say that this latest correction is just another reminder of the wild nature of digital assets. The rapid rise and fall of Bitcoin’s price towards the elusive $100,000 mark was a thrilling spectacle to observe, but it’s the subsequent plunge that always gives me a sinking feeling in my stomach.
The cost of Bitcoin momentarily halted just shy of $100,000, leading to a strong decline after its rejection. This rapid downfall resulted in a loss of approximately $6,000 for the asset within hours.
Similarly to Bitcoin, various alternative cryptocurrencies (altcoins) such as Solana, Dogecoin, Cardano, Stellar, Polkadot, among others, have also experienced significant drops in value, turning the altcoin market red.
BTC’s Substantial Correction
Since Trump’s victory in the U.S. elections three weeks ago, the main cryptocurrency has seen an astonishing surge, peaking at over $99,800 on Friday, setting a new record high for its price. Yet, it didn’t quite reach the six-digit range by a few hundred dollars and began to depreciate in value.
On Saturday and Sunday, the value dipped below $98,000 and $96,000 respectively, yet it was on Monday that we saw its significant decline. Interestingly, the price had a brief surge early on Monday, reaching $99,000, but the bears emerged from their hiding place at this point, preventing any further move towards $100,000.
Contrarily, Bitcoin’s value began to plummet swiftly and dipped below $93,000 after about a week, marking the first such dip. Analysts pointed out that such corrections often occur following similar 40% surges. They cautioned that there might be further short-term hardships ahead, but there are also signs suggesting that the longer bull market trend may not have concluded yet.
Currently, Bitcoin’s value has dropped back down below $93,000, and its total market capitalization has fallen beneath $1.840 trillion. Additionally, its control over the altcoins has decreased somewhat, now standing at approximately 55% on CoinGecko.
Alts Turn Red, too
In the last 24 hours, most altcoins have experienced a significant drop, with the exception of Ethereum (ETH) and TON, which have managed to maintain similar values compared to their previous day’s levels.
Some coins like Solana (SOL), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Stellar Lumens (XLM), and Polkadot (DOT) have dropped as much as 13%. However, even more significant losses are seen in Sandbox (SAND) and Raydium (RAY), with drops of 15% each.
As a researcher, I’ve noticed that the total market capitalization of all cryptocurrencies has experienced a significant drop of around $200 billion compared to what it was yesterday, now sitting at roughly $3.340 trillion.
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2024-11-26 11:38