TL;DR
- Bitcoin suffered a sharp correction on Monday, falling from $91,000 to a low of $83,800.
- The BTC price bounced back by nearly $3,000, now trading in the $87,000 range.
- Privacy altcoins such as ZEC and XMR, and CC, lead the losses with drops exceeding 6%.
Monday saw a day of turbulence in the cryptocurrency market, culminating in the plunge of the pioneering asset. Following a week full of optimism, with Bitcoin managing to recover nearly $13,000 and reaching peaks above $93,000, selling pressure intensified.
Most exchanges experienced a swift and sharp drop in Bitcoin. The asset plummeted from $91,000 to an intraday low of $83,800, reporting losses of more than $7,000 in value since its last peak.
This trend ended up wiping out a large part of the gains achieved throughout the previous week. However, the market later moved in favor of the pioneering cryptocurrency; after hitting bottom, Bitcoin surfaced. As of press time, BTC is trading near $87,000, a rebound of approximately $3,000. BTC’s market capitalization stabilizes at $1.730 trillion, and its dominance over altcoins is up to 57.3%.
Altcoins Suffer Sharp Daily Corrections
The altcoin segment experienced a similar scenario. Most alternative coins followed BTC in its correction. Ethereum (ETH) slipped and is struggling to stay above $2,800, registering a daily decline of 1.3%. For its part, XRP continues to test the critical support of $2.00, a level it managed to hold previously.
The biggest losses of the day were concentrated in specific cryptocurrencies. ZEC went through a tough day, plunging another 11% further, while CC also fell more than 11%. XMR was not far behind, registering a 6.6% drop, bringing its value to $390. Other important assets like DOGE, SOL, LINK, XLM, and HBAR are also trading in the red, albeit with more moderate losses.
In summary, despite the significant losses in the main assets, optimism remains in specific niches, with PUMP and SKY gaining more than 6%, and HASH rocketing by 14% to $0.023.
Although the total crypto market capitalization remains above $3 trillion, Monday’s correction resulted in a loss of $150 billion since Sunday, evidencing the current fragility of investor sentiment as it seeks to confirm the Bitcoin price recovery.
