A new market wide correction is in the Bitcoin news today, bringing the market from $184 billion to $178 billion and the resistance areas at this point. Nearly all of the top cryptocurrencies have declined and corrected lower.
The retreat saw Binance Coin, NEO, Cardano, Bitcoin SV, Ethereum Classic and Maker dumping. The only altcoin that “survived” was Tron (TRX) which managed to sustain its price point.
On a side note, this move was not unexpected given the high trading volume and the ballooned gains. Many analysts predicted a pullback for Bitcoin (BTC) too as it approached some heavy resistance.
After reaching the new 2019 high, total market capitalization has dropped back below $180 billion again. Here, Bitcoin hit an intraday high of $5,300 before correcting to $5,199 which is its current price. BTC efforts are now around focused on fighting the $5,200 margin and there is some big resistance looming ahead of us.
Ethereum, on the other hand, has lost 3% on the day and fell back to $176 from its 2019 high. As experts stated, ETH appears to have hit pivotal resistance at its 200 day moving average yesterday which it failed to sustain.
Right now, analysts believe that if Bitcoin fails to hold above the $5,000 margin, it will also fall along with the rest of the markets. Meanwhile, the top ten is a sea of red right now and altcoins have started dumping. The biggest losses were seen by Binance Coin (BNB) and Cardano (ADA), both of which dropped by 6% on the day. Bitcoin Cash (BCH) and Litecoin (LTC) have lost 4% respectively while Ripple (XRP) and Stellar (XLM) are both about 3% down on the day.
The top twenty losses are even bigger when we put Bitcoin SV (BSV), NEO (NEM) and Ethereum Classic (ETC) on the table, all of which have dropped by around 7%. Maker (MKR) also dropped 7% despite being listed on Coinbase Pro.
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The only altcoin that managed to record gains was TRON (TRX) which surged 3% following the news that its founder, Justin Sun, recently launched his own network.
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