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Bitcoin and Many Altcoins Dumped. Is it a Correction?

CryptocurrencyApr 18, 2021 05:30AM ET
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Bitcoin and Many Altcoins Dumped. Is it a Correction?

  • 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

Bitcoin and Many Altcoins Dumped. Is it a Correction?
 

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Comments (2)
ZS Beck
ZS Beck Apr 18, 2021 8:41AM ET
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If somebody thinks, central banks let some useless coin danger the own currency and dominance replaced some coin then get ready for a rude awakening.Regulation is coming and none of this coin ever replace they currency.Unfortunately, they will win. They own countries and politicians and military.
President Xi Jinping
President Xi Jinping Apr 18, 2021 6:05AM ET
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Makes one wonder if the same powers that dump the stock market all at once now have their grip on crypto. If so, decentral isnt decentral anymore
 
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