The bears are dominating the crypto market which unfortunately led to a sever price losses of double-digits for the most of the altcoins. These losses came just after the US stock market flooded in value again.
We can safely say that the main cryptocurrencies in the market have seen better days, as Bitcoin surged to $43,500 on Thursday after a raise in price of $1,500. but the situation did not last, as the BTC’s value started to decline severely and dipped to a six months low to reach $38,250 yesterday. Read more [Bitcoin Price Severely Dropped to 11% in a Day – Market drop]. This, however, resulted in $700 million worth of liquidation in only one day.
In addition, Bitcoin tried to recover from last day’s losses to touch $39K, but the bulls did take painful hit as the king of the cryptocurrencies dipped by $4K one more time and reached the lowest price since July 2021 to hit $35K. BTC is still unstable today as it is currently above that level of few dollars but the market cap is still down to $700 billion.
This latest price correction for BTC has coincide with the stock market recent correction. As the main US indexes in the market have been trading in red since the previous few days. The Nasdaq Composite, Dow Jones Industrial Average and S&P 500 dropped by about 5% last week and 2% on Friday.
As for other altcoins, they are all facing hard days currently, has Ethereum dropped down to below $2,500 after another 15% drop since yesterday.
The altcoins which lost double-digits are listed as: MATIC (-20%), Polkadot (-23%), Ripple (-14%), Terra (-30%), Cardano (-16%), Solana (-20%), Avalanche (-22%), Binance Coin (-20%) and Dogecoin (-14%)..
Other altcoins with more thank double-digits losses are listed as: Loopring (-25%), Theta (-30%), Theta Fuel (-25%), Gala (-26%), Oasis Network (-25%), Harmony (-26%), PancakeSwap (-28%), Curve DAO Token (-25%).