Bitcoin Dipped Below $41K as Crypto Correction Deepens (Market Watch)
After yesterday’s massive crash in the crypto market, bitcoin is still not out of the woods as the asset dropped to $41,000 hours ago. Most altcoins are in a similarly adverse position with a few exceptions, such as ATOM, which is up by more than 16% in a day.
Bitcoin’s Dump Continues
CryptoPotato reported yesterday the substantial market crash, in which the primary cryptocurrency plummeted by double-digit percentages from $47,000 to below $43,000.
This came after several consecutive days of sitting relatively calmly around $47,000. Following this painful drop, BTC remained just above its intraday bottom, but the situation worsened hours later.
The asset went south once more and lost another $2,000 of value. This resulted in a drop to another three-month low, this time at precisely $41,000.
Since then, BTC has reclaimed some ground and even touched $43,000 before getting rejected and pushed to just over $42,000, where it sits now. As such, it’s approximately 2% down on the day, and its market cap has declined to $800 billion.
Alts’ Correction Continues: But Not for ATOM
The alternative coins suffered just as badly as BTC yesterday, and most are in a similar position today. Ethereum traded above $3,800 just a few days ago but dumped below $3,400 yesterday. Another 4% decline since then has driven the second-largest digital asset to $3,250 as of now.
Binance Coin (-2.5%), Solana (-6%), Polkadot (-2%), Terra (-4%), Avalanche (-3.5%), Dogecoin, and Shiba Inu are also in the red. In contrast, Cardano, Ripple, and MATIC have marked minor gains.
Interestingly, ATOM has outperformed all other larger- and mid-cap alts with a substantial 17% jump. Consequently, the asset now trades well above $40.
Although other smaller-cap altcoins like Counos X have exploded by double-digits as well, the crypto market cap is down to $2 trillion. This means that the metric has lost more than $250 billion in two days.Source