Top 10 Cryptocurrency Price Watchlist: Why Are Cryptos Bearish Today?
There is an overall price correction in the market today as the global crypto market cap according to CoinMarketCap is down by 4.31% to $945.56 Billion. As the market cap is an aggregate of the individual market performances listed on the data aggregation site, the drop is a reflection of the dip in the broader market.
The top 10 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Polkadot (DOT), and XRP amongst others are all seeing a sharp correction in their prices today. This piece profiles the percentage rate of drop and the real-time price position of the top 10 cryptocurrencies today.
The Bitcoin Led Bearish Dip
Bitcoin at the time of writing is down by 5.27% to $31,737.38, heralding a bearish dip that other digital cryptocurrencies are trailing. Over the past 24 hours, Bitcoin has lost as much as $1,668 and remarkably the biggest loser by value amongst the top crypto.
Ethereum is also seeing a sharp bearish correction after surging to hit an all-time high milestone in the past days. Ethereum is down by 7.34% to $1,314 per Ether. Tether (USDT), the only top-ranked stablecoin has increased its trading volume to $100 billion, representing a 5.19% increase in the past 24 hours. Tether comes off as the only cryptocurrency with a visible positive metric under review today.
As if positively correlated, Polkadot (DOT), XRP, and Cardano (ADA) are all shedding off their gains, a price action that has negatively impacted the weekly gains by the three cryptos. While DOT is down 6.18% to $17.01, XRP has lost 4.22% to $0.2668, and ADA is down 4.41% to $0.3396.
While Chainlink (LINK) has failed to sustain its aggressive push to climb up the ladder, coming down with a 7.19% dip to $22.85, Litecoin (LTC) is not acting as a token that has temporarily ranked as the fourth-largest cryptocurrency by market cap when it displaced XRP amidst its ongoing SEC turmoil. LTC is trading at $135.13 with a 5.67% drop in the past 24 hours.
Bitcoin Cash (BCH) and Binance Coin (BNB) are also down by 4.96% and 4.02% with a corresponding price of $428.61 and $40.49 respectively.
Correlation May Trigger A Corresponding Bounce In Hours or Days
It has been adequately shown that the altcoins are positively correlated with Bitcoin as either a rise and fall in the price of BTC is bound to trigger a corresponding effect on the altcoins. With the general market plunge today, a retrace in Bitcoin’s price may resuscitate a new growth in the weak altcoins.
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