After having another incredible bull run last week, including fresh all-time highs for various altcoins, the cryptocurrency market experienced a trend reversal over the weekend. Overall, the total market cap for cryptocurrencies decreased by some $13 billion since Friday.
Bitcoin crosses $5,000 before correcting
The historic milestone of $5,000 per coin came sooner for Bitcoin than many analysts thought. The world’s leading cryptocurrency breached the mark on Saturday, setting another impressive all-time high. However, the milestone seemed to be the turning point for Bitcoin, as the cryptocurrency experienced a correction soon after, nearing $4,400 yesterday and trading just above $4,500 this morning.
Litecoin suffers massive drop after all-time high
Last Friday, Litecoin showed an impressive price surge, skyrocketing some 25% and reaching nearly $95. However, the following day the cryptocurrency, currently ranked 5th by market cap, showed a significant correction. This morning, Litecoin was trading around $76, which is still significantly higher than the previous all-time high, recorded last Thursday.
Report: China considering ICO ban
While Initial Coin Offerings (ICOs) have become increasingly popular in recent months, with some $1.8 billion raised for new altcoins, they could now be under threat from one of the world’s largest economies. An unofficial report out of China says that the People’s Bank of China is considering outlawing the popular fundraising practice, since it could be used for fraud and other illicit financial activities. Some analysts believe that, if made official, this decision could set a precedent that would significantly damage the crypto market.
Last modified: March 4, 2021 4:59 PM