Top 10 Cryptocurrency Price Watchlist: Why Are Cryptos Bearish Today?
The top 10 cryptocurrencies are seeing a bearish correction in price as led by Bitcoin, and Ethereum
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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