Correction Deepens As Bitcoin Trading Below $ 60,000: Market Watch – .

Correction Deepens As Bitcoin Trading Below $ 60,000: Market Watch – .

The situation in the crypto market has worsened over the past 24 hours, with bitcoin falling below $ 60,000 for the first time since late October. With a few exceptions, most altcoins have also bled, with massive price drops from Binance Coin, Solana, Cardano, Terra, Litecoin, and more.

Bitcoin is below $ 60,000

Exactly one week ago – November 10 – the leading cryptocurrency skyrocketed to a new all-time high of $ 69,000. However, a lot can change in seven days in the cryptocurrency market.

Instead of challenging $ 70,000, the asset reversed course and lost several thousand dollars in hours. It briefly calmed down to around $ 65,000 and even surpassed $ 66,000 on Monday, but it was short lived.

As reported yesterday, bitcoin fell to just over $ 60,000, losing $ 6,000 in one day. Since then, however, the situation has escalated further and the cryptocurrency has cost $ 60,000 for the first time since October 28.

Additionally, BTC fell to $ 58,600 (on Bitstamp) before recovering several hundred dollars. At present, it is still well below $ 60,000 and its market cap has fallen to $ 1,120 trillion.

BTCUSD. Source : TradingView

Altcoins in red

Alternative parts have also suffered in recent days. Ethereum is down an additional 3.5% from yesterday and is trading below $ 4,200. A week ago, the second largest crypto hit a record high near $ 4,900, but has fallen more than $ 700 since then.

Binance Coin was also on the rise amid new projects launched on its platforms. The token jumped to a six-month high above $ 650. Now, however, BNB has fallen to $ 560 after another 8.5% drop.

Solana, Cardano, Polkadot, Shiba Inu, Terra, Litecoin, Chainlink, Ripple and Dogecoin are also in the red. In contrast, Avalanche and CryptoCom are the only two in the green relative to the larger caps. AVAX is up 6% to $ 96, while CRO’s 6.5% increase took it to $ 0.45.

Sandbox and IOTA have also seen gains in the past 24 hours, with SAND trading at $ 3.3 and IOTA at nearly $ 1.4.

However, UMA (-16%), Livepeer (-15%), KuCoin Token (-13%), Zcash (-12%), PancakeSwap (-12%), ICON (-11%), VeChain (-10% ), and more, are all in the red.

So the crypto market cap is once again down from $ 100 billion to $ 2.7 trillion on CoinGecko.

Overview of the cryptocurrency market. Source: quantifying crypto

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