The latest cryptocurrency news show that the crypto markets are correcting in what is seen as a crypto avalanche which managed to wipe off billions off the market. Bitcoin and most of the top altcoins are dumping this Friday and it seems like the red hot momentum could not be sustained.
There are wider fears of a larger correction which are sending the prices south right now. Over the past 24 hours, the market lost more than $28 billion and fell back below $260 billion total capitalization. The current cryptocurrency news show that there is a slight retracement as the market hits the $262 billion mark.
The crypto avalanche started with Bitcoin wiping away almost $800. After touching $9,100 on Tradingview.com and a couple of other best cryptocurrency news sites, the dominant cryptocurrency has triggered a wave of automated sell signals which sent it plunging $600 in less than an hour. The decline did not stop there and initiated an avalanche which led the altcoins in a downward trend too.
Speaking of, Ethereum was the first to suffer from this crypto avalanche. With this, ETH proved that it is still painfully tied to the movements of Bitcoin. The cryptocurrency dumped 10% to go back to $250 before a slight recovery and temporary stabilization above it.
As we can see on the market right now, a sea of red is in the Asian trading season as the top ten altcoins get dumped. The coming altcoin news also show that Bitcoin SV (BSV) is suffering the greatest dumping – visiting $185 in a 20% decline today. Its brother, Bitcoin Cash (BCH), has also gone in the avalanche with a 10% slide to $420. EOS could not escape even despite the Coinbase listing and lost 8% on the day too, falling back to $7.40.
The top twenty losses get even worse with Cardano, Tron, IOTA, Tezos and NEO which have all lost between 10% and 12% on the day. The only coin that survived was Cosmos, recording a 6% surge to $5.50 without any fundamental reason.
Even despite these bad news, analysts are positive following the crypto avalanche. Many of them are sure that a dump usually follows a new high and that a situation like this has been expected after all.
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