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Bitcoin and Many Altcoins Dumped. Is it a Correction?

  • Bitcoin and major altcoins dumped.
  • Total market capitalization drops back below $2.05 trillion.
  • The top 10 cryptocurrencies are all in the red.

According to the CoinMarketCap data, Bitcoin and major altcoins dumped, making the crypto investor wonder, whether this dump is a correction or cryptocurrency bloodbath. Moreover, red dominates the crypto market this morning as total market capitalization wipes out the last few days’ gains and drops back below $2.05 trillion.

BTC/USDT Bearish Price Chart (Source: TradingView)
BTC/USDT Bearish Price Chart (Source: TradingView)

More so, Bitcoin has dropped over 18% from $60,683 to $51,030. BTC is currently trading at $56,931.77 with a 24-hour trading volume of $86,177,659,393, at the time of writing.

Major Altcoins Price Dumped

Along with Bitcoin, many altcoins show price drops. Moreover, Ethereum has been kicked, dropping 8.55% which leads back to $2,226.

Top Altcoins Lose (Source: CoinMarketCap)
Top Altcoins Lose (Source: CoinMarketCap)

As shown above, the top 10 cryptos are all in the red with XRP taking the biggest hit in the top ten dropping 17.49%. Moreover, Bitcoin Cash (BCH) and Litecoin (LTC) are also losing over 16% today as the rest follow with losses between 12 and 5 percent. Furthermore, down the chart at the top twenty, only Solana (SOL) is in the green at the moment with a 7.31% gain to $27.8.

Nevertheless, nothing seems to be able to give the markets the lift they need right now, there have been no hacks or negative news inciting the dive. However, there are also other circulating rumors that this event is just a simple pump and dump scenario.

Furthermore, FOMO is one of the most common reactions in this kind of correction in the crypto world. For this reason, many traders are confused whether this scenario is just a correction or a bloodbath crypto market. However, one thing is for sure, the crypto market will remain strong and stable despite the market swings of the network.

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Alyssa Wiselin

Crypto trading has enticed Alyssa Wiselin to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.

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