Correction Deepens as Bitcoin Trades Below $60K: Market Watch

Correction Deepens as Bitcoin Trades Below $60K: Market Watch

The situation in the crypto market worsened in the past 24 hours as bitcoin dropped below $60,000 for the first time since late October. Aside from a few exceptions, most of the altcoins bled out as well, with massive price dives from Binance Coin, Solana, Cardano, Terra, Litecoin, and more.

Bitcoin Sits Below $60K

Precisely a week ago – on November 10th – the primary cryptocurrency was riding high and reached a new record of $69,000. A lot can change in seven days in the cryptocurrency market, however.

Instead of challenging $70,000, the asset reversed its trajectory and dumped by several thousand dollars in hours. It calmed around $65,000 briefly and even jumped above $66,000 on Monday, but it was short-lived.

As reported yesterday, bitcoin plummeted to just over $60,000, thus losing $6,000 in a day. Since then, though, the situation has intensified even more, and the cryptocurrency dumped blow $60,000 for the first time since October 28th.

Moreover, BTC fell to $58,600 (on Bitstamp) before recovering several hundred dollars. As of now, it still stands way below $60,000, and its market capitalization is down to $1.120 trillion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Red

The alternative coins have also suffered in the past few days. Ethereum is down by another 3.5% since yesterday and trades below $4,200. A week ago, the second-largest crypto saw a record of its own at nearly $4,900, but it’s down by more than $700 since then.

Binance Coin was also riding high amid the new projects getting launched on its platforms. The token surged to a six-month high above $650. Now, though, BNB is down to $560 after another $8.5% decline.

Solana, Cardano, Polkadot, Shiba Inu, Terra, Litecoin, Chainlink, Ripple, and Dogecoin are also deep in the red. In contrast, Avalanche and CryptoCom’s coin are the only two in the green from the larger-cap ones. AVAX is up by 6% to $96, while CRO’s 6.5% increase has driven it to $0.45.

The Sandbox and IOTA have also charted some gains in the past 24 hours, with SAND trading at $3.3 and IOTA nearing $1.4.

However, UMA (-16%), Livepeer (-15%), KuCoin Token (-13%), Zcash (-12%), PancakeSwap (-12%), ICON (-11%), VeChain (-10%), and more, are all in the red.

Thus, the crypto market cap is down by $100 billion once again to $2.7 trillion on CoinGecko.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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