Bitcoin and altcoins have made significant corrections, Dogecoin remains stable
Last week went so well for Bitcoin that it managed to reach a new all-time high (ATH) of $64,480 on crypto exchange Coinbase. However, it turned out that was the end of the party for now. After that, the price fell step by step back towards $60,000.
That’s where the race finally arrived last night. It then remained to be seen whether $60,000 would be confirmed as support. That turned out not to be the case. The BTC price fell through the $60,000 and 4-hour 50- Moving Average (MA) and lost almost 16% in value overnight.
The low point of the plunge so far is $51,300. Bitcoin has since recovered nicely and the market’s largest cryptocurrency is trading at a price of $56,408 on Coinbase. It’s not yet clear exactly where the correction is coming from. It is possible that a chain reaction is the cause. For example, we see that as much as $10 billion worth of futures and options positions have been liquidated in the market due to the sudden drop.
The situation was not much different for altcoins. Ethereum (ETH) is down 8.3% compared to 24 hours ago. However, that was almost 20% at the bottom of the slump. Ripple (XRP) is currently down 16% and worth $1.40. Bitcoin Cash (BCH) is down the most.
The current number 10 has lost 21% in value and is on the verge of falling out of the top 10. Curiously, Dogecoin (DOGE) is currently still in 7th place with a 7% drop. All in all, a red start to Sunday.
Many people have entered the crypto world in recent weeks. It is becoming more and more common. For those who think they can make a quick buck with Bitcoin – a digital currency managed by computer networks outside of governments – there’s an important caveat: The price fluctuates wildly. To get top returns, you have to get in and out at the right times – something few investors manage to do.
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