- Bitcoin and major altcoins dropped showing bearish trend.
- This made the investors to wonder, whether this dump is a correction or not.
According to the CoinMarketCap data, Bitcoin and major altcoins dropped showing bearish trend. This made the crypto investors wonder, whether this dump is a correction or not.
The entire market cap of cryptocurrencies dropped nearly 200 billion from $1.5 billion to $1.2 billion in the last 24 hours.
Notably, the world’s largest cryptocurrency Bitcoin (BTC) shows a bearish movement. However, this is due to the statement issued by the Agricultural Bank of China on June 21. All in all, the BTC price has been considered to be over 200% since September. According to CoinMarketCap, the BTC price is at $29,504.63, at the time of writing.
Meanwhile, Ether, which is the main coin for the Ethereum blockchain network, also dropped sharply and broke below $2,000 at a point, over 12% drop in less than 24 hours.
Furthermore, ADA, XRP, and DOT are among the major cryptocurrencies that drop today. In detail, the ADA price of $1.01 has decreased to over 36% this week. Additionally, the XRP price sitting at $0.52 also resulted in 41% loss. While the DOT price dropped over 25% loss to its crypto holders at almost $13.52 per unit.
Moreover, during the previous price dump, the crypto market recovered soon the next day with strong support. This indicates that the market crash is just a correction. Furthermore, this price dump is also noted to be a correction by most crypto investors and holders.