The cryptocurrency market made a significant correction down this morning. All prices from the top 100 largest crypto, except one, are very red today. In fact, many cryptos are down more than 10%. The total market capitalization drops from about $2.24 trillion to $2.04 trillion, a loss of no less than $200 billion, or about 9%.
Bitcoin
Bitcoin (BTC) failed to hold its own above $48,000 yesterday and dropped to $47,000 later in the day. This morning bitcoin was also unable to hold above this crucial barrier and the price plummeted a few hours ago, reaching around $45,500. However, that was not the end of this correction and the BTC price just plunged further down to $44,500. This means that bitcoin is no less than 9.9% in the minus today.
A correction like the current one is not uncommon in this market and does not mean the end of a bull-market. such a shake out we often see an outbreak upwards. The next level of support for bitcoin is around USD 44,000 and it has held up more often in recent times. However, if bitcoin also falls through this, the price could quickly fall back to $ 41,000. Nevertheless, the on chain data look positive and analysts generally still are bullish about the bitcoin price.
#BTC 3 day chart is #bullish. 21 day and 50 day bullish crossover occurred with similar bullish Onchain trends. Expect technical support at these levels if we see risk off in global markets. pic.twitter.com/npVG8bVcLj
— Daniel Joe (@DanielJoe916) September 20, 2021
🔥New ATH #bitcoin realized cap $21K,
200 week moving average (200WMA) at $15.6K pic.twitter.com/9pKgo4JkJO— PlanB (@100trillionUSD) September 18, 2021
altcoins
Ethereum (ETH) is falling sharply again with bitcoin. Ether failed to hold above USD 3,450 yesterday and then dropped to USD 3,350. This morning, ether plummets to $3,200 and at the time of writing, the price is as high as $3,115, a 9.7% loss in 24 hours.
Cardano (ADA) drops even harder, falling nearly 11% down to $2.10. Ripple (XRP) is down 11.5% to reach $0.95. Solana (SOL) is down the hardest among the top 10 largest crypto, is almost 14% in the red, and comes in at $139.
A handful of crypto is even losing more than 15% in value today. Eos (EOS), arweave (AR), iota (MIOTA), icon (ICX), elrond (EGLD), waves (WAVES), harmoney (ONE) and terra (LUNA) are all down between 15 and 17% this morning. Algorand (ALGO), thorchain (RUNE) and hedere hashgraph are even down more than 17.5% today.
Yet there is still a course in the green today and that is that of cosmos (ATOM). The ATOM price has already risen hard recently and corrected less hard last night than the rest of the market. As a result, ATOM is still 4% in the plus and even reached a new one at 2 o’clock tonight all time high (ATH) of $44.4.