Has the long-awaited cryptocurrency correction finally happened? No less than 48 of the top 50 cryptocurrencies registered losses in the past 24 hours, with several currencies showing double-digit percentage declines. Ethereum and Bitcoin were also part of the trend, with the latter dropping to its lowest levels this month.
The world’s second largest cryptocurrency showed a significant correction yesterday, falling below the $210 mark – its lowest level this month. Ethereum recovered slightly afterwards, rising back up and over $240. While the reason for this crash is unclear, several analysts believe that $210 is the currency’s support level, and it might show gains from now on. Despite this negative trend, Ethereum trading volume was on the rise, crossing the $2 billion mark and passing that of Bitcoin yesterday.
After three consecutive losing days, in which it reached below $2,300 for only the second time this month, Bitcoin recovered today, making its way back to $2,500. Some analysts believe that despite the massive correction seen in recent days, Bitcoin is on an upwards trend, and could continue to climb.
The recent crash in the cryptocurrency market seriously deflated its overall cap, which dropped some $21 billion, reaching just over $94 billion. The crash was a market-wide trend, as 48 of the top 50 currencies showed losses in the past 24 hours. The recent crash is attributed to profit-taking, as many traders cashed in on the incredible bull run seen earlier this month.
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Last modified: March 4, 2021 4:57 PM