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Market Plunge Slams Hopes For Recovery As Correction Continues

Last Updated March 4, 2021 4:58 PM
Lester Coleman
Last Updated March 4, 2021 4:58 PM

Hopes for a crypto market recovery got slammed today as the market lost close to $50 trillion since June 20, falling from $114.574 trillion to $65.644 trillion, according to coinmarketcap.com. The market lost $20.568 trillion in the last four days alone.

Source: Coinmarketcap.com

Eighth-ranked IOTA was the only top 10 crypto to gain in the last 24 hours, grabbing 5.17 points, but having lost 82% of its value on the week. The next crypto to buck losing the trend was 47th place ChainCoin, with $56.964 in market capitalization, which posted a 75.68-point gain. Other winners were few and far between.

Bitcoin Crashes

Bitcoin’s fall, while milder than some, continued, with the price losing 5.82 points in the last 24 hours to finish at $1,909.05, while Ethereum continued to fare worse, dropping 16.4 points to $151.04. Third place Ripple fared even worse, losing 17.91 points. Litecoin’s loss was the mildest of the top 10, only dropping 0.91 points.

The broad and deep correction continues after long-term charts were getting oversold. While the short-term trends remain negative and an August 1 “Judgment Day” looms for bitcoin, this could be a better time to buy long-term than one month ago, when correction warnings were first raised.

Bitcoin fell from around $2,556.92 a week ago, as the fast approaching August 1 chain split deadline nears, increasing uncertainty among traders and investors as bitcoiners decide which way they are going to go on the split. There are likely to be at least two bitcoins on August on 1, but there could be even more.

Ethereum Keeps Falling Hard

The short-term trend for Ethereum remains negative despite a recent bounce. Today, Ethereum continued its month-long decline. Its price has lost around 50 percent of its value from June 15, falling from $333.50 to %151.04 July 16. Its losses have been bigger than bitcoin’s, which has extended its dominance of the total bitcoin market largely at Ethereum’s expense.

On June 19, when Ethereum had a $371.51 price and a market cap of $34.41 billion, it had narrowed the gap with bitcoin, commanding 30.64% of the total crypto market compared to bitcoin’s 37.83%. As of July 6, Ethereum was no longer gaining its share of the total crypto market. Ethereum held 24.62 percent of total the crypto market while bitcoin held 42.36 percent. Yesterday, Ethereum held only 22.94% of the total market compared to bitcoin’s 46.5%.

Also read: Bitcoin crashes as chain-split risks increase

Top 10 Players Keep Losing

Third place Ripple fell from $0.354959 on May 21 to $0.142193 as of today.

Fourth place Litecoin has fared better than most of the top 10 cryptos during the downturn. Litecoin received a boost last month when BitGo, the leading multi-signature technology-based service provider that works with some of the largest bitcoin exchanges and trading platforms, began to support Litecoin and provide security services for Litecoin platforms.

Ethereum Classic continued to drop, falling 6.99 points in the last 4 hours, after losing 12.05 yesterday after posting some strength in the last week. ETC rose from $15.69 on July 8 to $16.42 yesterday before falling to $13.83 today.

Recovery isn’t expected any time soon as the correction continues.