Bitcoin Price Drops Over $500 In Only 5 Minutes, Dragging Altcoins Down

The latest cryptocurrency news show us a red situation which is happening all over the market, led by the most dominant coin. The Bitcoin price drops as we speak and has lost more than $500 in only 5 minutes. Now, the price of BTC hovers just under the $8,600 mark and is falling from today’s high of nearly $9,200 which makes for a 7.32% loss.

Now down by 3% on the day, the Bitcoin price drops and the coin is trading at around $8,670 right now with a major potential to go down rather than one which may push it to new highs. When seeing the weekly chart, we can notice that BTC is still up by about 6.42% and the price movement has seen the major cryptocurrency decrease by $514 in around 5 minutes.

Meanwhile, the ETH news show that the biggest altcoin is holding onto its position and currently has a market cap of $18 billion and an impressive trading volume. Nonetheless, Ether’s price marks one of the biggest downfalls on the day and has lost around 6% so far.

The situation around Ripple is similar. As the Bitcoin price drops, XRP also slides down by about 3.43% and is down 8.36% from today’s high. The coin is now trading at around $0.23 and on the week, it is still up by 8%. That said, this is only a correction which some analysts described as imminent for Ripple.

Among the top 20 cryptocurrencies, there are several which are reporting two-digit losses as the Bitcoin price drops. One of them is DASH, which is down by 15.6% now and the other is Ethereum Classic (ETC) which has lost around 13% so far. Bitcoin SV (BSV) is the third one, losing more than 10% overnight and Bitcoin Cash (BCH) is the fourth one, losing 11.24% in the recent market exodus.

Today’s drops show that despite having a good week, the cryptocurrencies are now correcting and do not have big potential for explosive growth like it was expected. The total cryptocurrency market cap now is at $236 billion – a number which falls short by around $10 billion from the highs recorded earlier this week.

According to analysts, the downward trend may continue today and in the next 2 days. There are also others who think that this is only a needed correction at this point before the rally for BTC resumes.