Bitcoin’s price dropped significantly after coming close to $100,000, causing the asset to lose over $6,000 in hours. Other altcoins have also fallen, with large declines from Solana, Dogecoin, Cardano, Stellar, Polkadot, and more. Following a 40% rally since Trump’s US election win, Bitcoin experienced a correction due to the rapid price increase.
Many analysts expect such corrections after significant rallies, and some warn that there may be more short-term pain ahead, while others believe the overall bull cycle is not over yet. Meanwhile, altcoins have also experienced significant drops, with the exception of ETH and TON. The cumulative market cap of all crypto assets has slumped by approximately $200 billion, going below $3.34 trillion.
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<p>The post Bitcoin’s Price Crash: The Altcoins Follow Suit In the past week, Bitcoin experienced a significant surge, reaching its highest price level ever at over $99,800. However, the rally was halted ahead of $100,000, leading to a sharp correction and a substantial drop in value. The primary cryptocurrency fell below $98,000 on Saturday and further dipped under $96,000 on Sunday. The most significant plunge occurred on Monday, when Bitcoin started losing value rapidly, slumping below $93,000 for the first time in about a week. Analysts attributed the correction to the natural outcome of a 40% run, and some even warned that more short-term pain may be in store. Nonetheless, there are indications that the overall bull cycle has not yet come to an end. While Bitcoin saw a substantial correction, the altcoins were not spared from the downturn. With few exceptions, such as ETH and TON, most altcoins experienced massive declines, with some losing up to 13%. Solana, Dogecoin, Cardano, Stellar, Polkadot, and others suffered significant losses. The cumulative market cap of all crypto assets plummeted by approximately $200 billion since yesterday, dropping below $3.340 trillion. Ethereum and Terra Nova were the only exceptions, managing to maintain their levels from the previous day. The cryptocurrency market’s correction has been significant, with Bitcoin and the altcoins experiencing notable losses. However, the underlying trend of the bull cycle continues to persist, leaving some analysts optimistic about potential future growth. first appeared on CoinBuzzFeed.</p>
