Crypto Market Decline

Bitcoin Dips, All Top Coins In the Red

After having risen by more than 250% over the past week, Bitcoin has suddenly taken a downward turn, taking most of the other cryptocurrencies in the market with itself. As of now, most altcoins in the market, along with Bitcoin, have found themselves in the red, with their prices having fallen quite substantially over the past twenty four hours.

Bitcoin has had a “flash crash” of sorts, having fallen by 18.78% to $10,808.60 (at the time of writing, as per data from Coinmarketcap). Ethereum has also taken a tumble for the worse, with its price having fallen by 17.35%, reaching $286.22. Just when the investors were getting comfortable about their prospects in the crypto market, the market has jolted them out of their comfort zone by seeing all the coins take a turn for the worse. Ripple, the third largest cryptocurrency in the market as per its market cap, has also fallen by a fair amount, a little over 15%, to $0.405491.

Most analysts feel that Bitcoin is having a bullish and parabolic pattern in terms of its prices, almost replicating the dream run of 2017. The recent crash is symptomatic of the market failing to keep up with the constantly rising prices. It is possibly taking a breather, and experiencing a market correction in its prices.

Many have also suggested that it was caused by the temporary shutdown of top cryptocurrency exchange Coinbase. The collapse of Bitcoin followed in the heels of traders being unable to access the trading platform, and soon, Binance also followed suit, worsening the situation further.

Even though the crypto exchanges can be said to have played a small role in causing the dip, it does seem to be a case of usual market correction for sustaining high prices.