Analysis: Massive Correction Continues

June 27, 2017 20:04 UTC

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.

Ethereum Crashes to $210

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.

Bitcoin Inching Back towards $2,500

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.

Crypto market loses $21 billion

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: June 27, 2017 20:06 UTC