Bitcoin Goes Below $5,000 In A Small Market-Wide Correction

The bears have proven that the momentum around Bitcoin (BTC) and other altcoins is not that strong. In the Bitcoin news today, we are seeing the most dominant cryptocurrency falling below its recently established $5,000 level and currently trading in somewhere over $4,980.

Even though this is not a steep decline for BTC, it is definitely one that shows us a new reversal trend which also affected the other altcoins with Bitcoin dipping below the important $5,000 threshold.

Out of the 20 top coins by market cap, only two altcoins haven’t corrected. And even though we are seeing minimal growth this Friday, nearly all of the top 20 coins have reversed – with only NEO (NEO) and Ontology (ONT) being up by 4.4% and 3.8% without any declines.

Bitcoin had hit a multi-month high of $5,303 yesterday and was struggling to hold the support level having dropped below the mark five times to date. Despite the decline, Bitcoin showed that it is holding significant momentum and that it is up by around 20% in only one week. Meanwhile, Bitcoin’s dominance has slightly increased on the market and now BTC accounts for 51% of the entire market with a total cap of about $800 million.

Ethereum (ETH) has also dipped to $161 after which it reversed to $164 which is its current trading price at press time. Despite the minor correction, Ethereum (ETH) is up about 15% over the past week.

Ripple (XRP) which is the second biggest altcoin after ETH, was down by 6.5% after which it managed to reverse and jump by 7% – to now trade at $0.368 at press time with a market cap of $15.4 billion.

What we can all see from this minor correction is that the market is not in a full swing yet. However, the correction did not affect the coins in a negative way – instead it showed a mountain-like scenario in which the only focus is future growth.