😎 Summer Sale Exclusive - Up to 50% off AI-powered stock picks by InvestingProCLAIM SALE

Bitcoin and Many Altcoins Dumped. Is it a Correction?

Published 04/18/2021, 05:12 AM
Updated 04/18/2021, 05:30 AM
Bitcoin and Many Altcoins Dumped. Is it a Correction?
BCH/USD
-
BTC/USD
-
XRP/USD
-
ETH/USD
-
LTC/USD
-

  • Bitcoin and major altcoins dumped.
  • Total market capitalization drops back below $2.05 trillion.
  • The top 10 cryptocurrencies are all in the red.

According to the CoinMarketCap data, Bitcoin and major altcoins dumped, making the crypto investor wonder, whether this dump is a correction or cryptocurrency bloodbath. Moreover, red dominates the crypto market this morning as total market capitalization wipes out the last few days’ gains and drops back below $2.05 trillion.

TradingView)

More so, Bitcoin has dropped over 18% from $60,683 to $51,030. BTC is currently trading at $56,931.77 with a 24-hour trading volume of $86,177,659,393, at the time of writing.

Major Altcoins Price Dumped

Along with Bitcoin, many altcoins show price drops. Moreover, Ethereum has been kicked, dropping 8.55% which leads back to $2,226.

CoinMarketCap)

As shown above, the top 10 cryptos are all in the red with XRP taking the biggest hit in the top ten dropping 17.49%. Moreover, Bitcoin Cash (BCH) and Litecoin (LTC) are also losing over 16% today as the rest follow with losses between 12 and 5 percent. Furthermore, down the chart at the top twenty, only Solana (SOL) is in the green at the moment with a 7.31% gain to $27.8.

Nevertheless, nothing seems to be able to give the markets the lift they need right now, there have been no hacks or negative news inciting the dive. However, there are also other circulating rumors that this event is just a simple pump and dump scenario.

Furthermore, FOMO is one of the most common reactions in this kind of correction in the crypto world. For this reason, many traders are confused whether this scenario is just a correction or a bloodbath crypto market. However, one thing is for sure, the crypto market will remain strong and stable despite the market swings of the network.

This article was first published on coinquora.com

Continue reading on CoinQuora

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.