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Crypto Markets Shed $140 Billion as Bitcoin (BTC) Dumps by $4K After Latest Peak
In a sudden and unexpected turn of events, the cryptocurrency market has witnessed a massive correction, resulting in a staggering loss of over $140 billion from its recent peak. This significant downturn comes after bitcoin’s latest all-time high, with the asset experiencing a notable drop of over four thousand dollars.
As we reported yesterday, bitcoin bounced off its low of $94,400 last weekend and embarked on an incredible rally that culminated in it breaching the coveted $100,000 mark on Thursday. The asset has since remained within the six-digit territory for nearly the entire time since then.
After a slightly sluggish weekend at around $101,500, the crypto king began to surge once again on Monday morning and accelerated its ascent on Tuesday. A remarkable climb saw it reach an all-time high of over $108,000.
However, this remarkable growth was bound to be followed by some kind of correction. The market had been moving in a spectacular manner for weeks, leaving many speculators wondering what the future holds for the cryptosphere.
Despite the recent downturn, the market capitalization came incredibly close to reaching an astonishing $4 trillion mark just yesterday. The correction has since taken its toll, with the cumulative total dropping to around $3.85 trillion today.
As it often happens in tandem with bitcoin’s movements, altcoins have also followed suit and experienced significant losses. Ethereum (ETH) is currently trading at roughly 4% lower than yesterday, now hovering around $3,850. XRP has taken a hit as well, dropping by approximately 2.5% to the area of $2.52.
A number of other altcoins have also been affected by this downturn. These include ADA, TRX, AVAX, SHIB, TON, SUI, and DOT, all of which are experiencing declines ranging from 4% up to a staggering 9%.
In conclusion, the cryptocurrency market has witnessed an unprecedented correction, with over $140 billion lost since its peak yesterday. It is crucial for investors to continue conducting thorough research before making any investment decisions.
It’s time now to assess this new development and consider what it may mean for our future in crypto.
Source: cryptopotato.com
