After several days of soaring higher and higher, BTC has corrected strongly in the last 24 hours. It even briefly fell below $60,000 after the surge. The trend was followed by most altcoins, with the market cap losing more than $150 billion from its peak earlier in this week.
In 7 Days, Bitcoin lost $7K
In the past week, the main focus of cryptocurrency was on Tuesday’s launch of the first ever Bitcoin Futures ETF in the United States. The anticipation for this long-awaited product sparked a huge price spike, breaking above its April ATH to chart a new record of $67,000.
It didn’t stay there and the bears began to push it down slowly. Yesterday’s report said that BTC fell to $63,000. However, the correction was not over.
The cryptocurrency lost value over the last 24 hours. It fell to just below $60,000. It meant that BTC had fallen by $7,000 in just a few days.
It has regained some ground and bounced back as of now. It is still down 4% on the day and its market capitalization remains below $1.150 trillion.
BTCUSD Source: TradingView
lts also See Red
Alternative coins are following their lead south. Ethereum came close to surpassing its own ATH of $4,400 a few weeks back, but it failed to do so yesterday, dropping to $3,900. ETH is currently at $4,000 but it’s still 3% below the daily average.
Solana was also just inches away from setting a new all-time record. SOL now trades at $200. Terra, Cardano Coin, Ripple and Polkadot are all in the red.
Avalanche and Chainlink show minor gains. Huobi Token (11%), Fantom (1%), Curve DAO Token ( 10%), Harmony (9%), OKB (7.5%) all show higher increases.
OMG Network and Flow, Flow, SushiSwap and Stacks have all lost the most over a single day. The cryptocurrency market cap has fallen to $2.530 trillion. This means that it has lost $150 billion since its peak two days ago.
Cryptocurrency Market Overview. Source: Quantify Crypto
Marla Brooks – Financial Analysis
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