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Bitcoin Price Dips Below $11,000 as Market Endures Correction

Last Updated March 4, 2021 5:03 PM
Josiah Wilmoth
Last Updated March 4, 2021 5:03 PM

The bitcoin price dipped below $11,000 on Monday during a minor market correction that saw cryptocurrency market caps decline by a combined $39 billion. EOS and stellar, meanwhile, managed to defy the crimson trend and achieve solid returns.

bitcoin price
Source: CoinMarketCap

At present, the cryptocurrency market cap is valued at $518 billion, which represents a single-day decline of seven percent.

Bitcoin Price Dips Below $11,000

The bitcoin price tracked the market index on Monday, posting a 24-hour decline of seven percent that dipped the value of the flagship cryptocurrency below the $11,000 barrier and closer to four-figure territory. At present, bitcoin is trading at $10,479 on Bitfinex, which translates into a $180.7 billion global market cap.

bitcoin price
Bitcoin Price Chart

Despite this moderate pullback, positive news coming out of South Korea should provide investors with confidence. As CCN.com reported, a major South Korean bank has said that it will process withdrawals for cryptocurrency traders, quelling fears — at least temporarily — that the cryptocurrency industry would be cut off from the mainstream financial sector.

Additionally, local media outlets reported that at least one high-ranking financial regulator has said that the government intends to allow exchanges to list bitcoin futures contracts, a move that would further solidify bitcoin’s status as a financial instrument in the country.

Ethereum Price Slips Below $1,000

Bitcoin was not the only cryptocurrency to slip below an important barrier on Monday. The ethereum price dropped below $1,000 this afternoon, punctuating a precipitous six percent decline. At present, ethereum is trading at $973, which gives the second-largest cryptocurrency a $95.9 billion market cap.

ethereum price
Ethereum Price Chart

EOS, Stellar Stand Out in Otherwise Disappointing Altcoin Market

Altcoins engaged in a widespread decline, but both EOS and stellar posted strong returns in what was otherwise a disappointing day for the volatile cryptocurrency market.

bitcoin price

The ripple price declined approximately 11 percent for the day, which constituted the worst performance among top 10-cryptocurrencies. The pullback reduced the third-largest cryptocurrency’s market cap to $46.7 billion.

The bitcoin cash price, meanwhile, posted a daily decline 10 percent and is currently trading at $1,597 with a $27 billion market cap.

Cardano, litecoin, NEM, and NEO each saw their prices ebb by close to eight percent, highlighting the degree to which the correction permeated the wider markets.

Two top-tier altcoins, however, managed to defy the overall market trend and post positive returns. The most impressive rally came from stellar, which achieved a five percent price rally despite the overall correction. Stellar now has a market cap of $8.6 billion, which ranks it eighth on the market cap charts.

The day’s second-best performance came from EOS, which climbed about four-and-a-half percent to bring its price to nearly $14 and raise its market cap to $13.6 billion.

Featured image from Shutterstock.