It has been a rough weekend for cryptocurrencies, with 29 of the top 30 cryptocurrencies showing losses in the past 24 hours. The only currency to weather the storm was Ethereum Classic, which gained more than 8%.
Ethereum drops below $250
The cryptocurrency showed a correction, dropping to levels not seen in more than two weeks, reaching just below $250 this morning. Despite the price correction, there is some good news for the Ethereum community, as the coin’s trading volume surpassed that of Bitcoin in the past 24 hours, reaching more than $1.19 billion. The currency displayed high volatility, with $30 separating this morning’s high and low. Also, it is important to note that from a broader perspective, today’s low is still above any level reached before the first week of June.
Will the Bitcoin trend-reversal last?
When Bitcoin reached near $3,000 just two weeks ago, some analysts were saying that the bull run could last, pushing it above $4,000 before month’s end. However, the Bitcoin graph has been mostly on the decline since, pushing it below the $2,500 mark again. More than anything, this past month has proved just how volatile these financial instruments are, giving plenty of opportunities for day traders, while still keeping at levels which made it a worthy investment for anyone who purchased the cryptocurrency before mid-May.
Massive correction seen in cryptocurrency market
Is the crypto-bull-run over? As more and more currencies are introduced into the cryptocurrency space, competition between the various token traded increases. However, it is still very common to see market-wide trends, such as the one seen over the past 24 hours. Only 1 of the top 30 currencies, Ethereum Classic, registered gains, as the other 29 showed losses ranging between 2.5% (Bitcoin) and nearly 20% (IOTA).
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Last modified: March 4, 2021 4:57 PM