The cryptocurrency market has been experiencing price corrections as BTC failed to reclaim $50,000. Today, most altcoins are in deep red, with Ethereum almost breaking below $4,000. Also, there have been substantial drops from Ripple, Solana, Terra, Polkadot, Avalanche, and more.
Bitcoin Failed at $50K
On Friday, BTC traded around $58,000 after failing to overcome the resistance at $59,000. This is where the situation became worse as BTC first plummeted to $51,000 before seeing another huge dump that drove it to $42,000.
After seeing this huge $16,000 crash, BTC bounced off, coming close to $50,000. It remained there for a while but ultimately couldn’t conquer it. Due to this, BTC is presently at $48,000, and its market capitalization is down to just over $900 billion.
ALGO is in Green: Other Alts are Not
Other altcoins also dropped on Saturday morning and made some attempts for recovery on Sunday. However, today, majority of them are in the red again.
Ethereum surpassed $4,300 briefly yesterday before seeing another decline, which has now has driven the asset to just over $4,000.
Binance Coin has lost 3% dropping below $560, while other alts with larger caps have lost even more value, which includes Ripple (-7%), Solana (-9%), Dogecoin (-6%), Cardano (-5.5%), Polkadot (-8%), and Shiba Inu (-6.5%).
CRO, Avalanche, and Terra have dropped even further by double-digit percentages in a day. However, the only large-cap alt in the green today following a 3% increase is Algorand.
The crypto market cap has dropped by $120 billion since yesterday and $400 billion since Friday to $2.2 trillion.
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Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.