The crypto market saw another sharp correction on Thursday as Bitcoin and a host of major altcoins posted significant losses, erasing much of their recent gains.
Bitcoin Plunges After Historic Peak
• Bitcoin: After hitting a new high above $108,000 just two days ago, the price is now down 7% on the day to $97,020.
• This sharp decline led the market-wide correction trend, followed by a deep decline in many other digital assets.
Altcoins Are No Exception
• Ethereum (ETH): Decreased nearly 12%, currently trading at 3,422 USD.
• Ripple (XRP): Recorded an 11% decrease, now at 2.22 USD.
• Dogecoin (DOGE): Lost nearly 20% of its value, now at 0.31 USD.
• Solana ($SOL ): Dropped below 200 USD, down 12% and trading at 191 USD.
Crypto Market Drenched in Red
According to data from CoinGecko, the global crypto market has decreased by up to 9% in the past 24 hours. A total of 1.17 billion USD in long and short positions have been liquidated, with Bitcoin alone accounting for 241 million USD.
Causes of the Correction
This plunge is seen as part of a correction trend after Bitcoin reached a record high, creating significant selling pressure in the market. Concerns about the hot rally and pressure from investors taking profits may be the main reasons leading to this situation.
Conclusion
This strong price drop highlights the high volatility of the crypto market, especially in the late year when investor sentiment is easily influenced by external factors. While Bitcoin and major altcoins are losing value, this may be an opportunity for investors to consider long-term strategies.
Continue to closely monitor market developments to make appropriate investment decisions!