Crypto Markets Dump $55 Billion as Bitcoin Correction Deepens

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An inevitable correction has begun since crypto markets hit their giddy heights of $387 billion market capitalization on Thursday. Saturday morning paints a different picture as Bitcoin cools off heading south in a predicted pullback.

Crypto Correction Deepens

Since Thursday’s Bitcoin and crypto market peak things have taken a predictable turn south. Bitcoin fell from its 15 month high of $13,800 down to $10,300 marking a 25 percent decline. Yesterday BTC appeared to recover a little, getting back to $12,400 for a few hours but it has started to fall again during the morning’s Asian trading session.

At the time of writing BTC had dropped back to $11,500 which is over 16 percent down in two days. It is now sitting on a support level which, if broken could lead to further losses back below five figures. This wouldn’t be too bad in reality; a 30 percent plus correction will be back at $9,500 where more accumulation is likely to occur.

Crypto trader ‘SalsaTekila’ concurs that further losses could be on the cards with a resistance level way below $9k.

Analyst Luke Martin is a little more bullish however:

“If $BTC bounces here off support and moves higher I can’t wait to see the Bitcoin up on news that Xi and Trump agree to restart trade talks narrative”

Total crypto market capitalization as shrunk by $56 billion since Thursday. Currently it is just over $330 billion as record trading volumes trail off to below $100 billion. Yesterday saw a lower high so a lower low could follow as the pullback accelerates.

Altcoins In A World Of Pain

There has been a lot of talk of altseason last week and many expected some kind of movement when BTC finally corrected. Clearly the altcoins are still hopelessly coupled to Bitcoin as they have all plummeted, most by double digits, during Thursday’s rout.

Ethereum, which had been making slow but steady progress, had fallen back below $300 again. This still makes ETH an attractive buy at 78 percent off its all-time high. XRP hadn’t really moved a lot during Bitcoin’s epic rally but the Ripple token has dumped 16 percent over the past couple of days, back to $0.41.

Bitcoin Cash has been relatively unscathed, remaining above $400 and flipping Litecoin for fourth spot. Litecoin has been hit hard, falling 20 percent on the week back to $117. LTC momentum is likely to pick up again though as the halving, which is only 37 days away, approaches.

Other altcoins have also been trounced, EOS is back at $6 while Cardano, Tron and Stellar have declined considerably. Altseason is still clearly nowhere to be seen yet as Bitcoin continues its correction.

Image from Shutterstock

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by Martin Young on June 29, 2019 at 12:30PM

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