• Bitcoin has taken a severe hit in the past 24 hours, dropping from almost $22,000 to under $19,900.
• The altcoins are not doing any better, with ETH, DOGE, SOL, LTC and TRX all slumping by up to 15% in a day.
• The crypto market cap has dropped beneath the trillion dollar mark.
Cryptocurrency Market Correction
The cryptocurrency markets have seen a significant correction today as Bitcoin (BTC) has reached a two-month low of below $20K while the crypto market cap has dropped below the trillion dollar mark. This sell off was initiated by BTC slipping from almost $22K to under $19.9K and has been followed suit by most of the altcoins too.
Bitcoin Falls to Two Month Low
The primary cryptocurrency Bitcoin saw its value drop significantly over the last 24 hours as it plummeted from almost $22K to under $19.9K leading it to chart its lowest price tag since January 14th 2021. While it had been trying to recover some ground in recent days after falling due to issues with Silvergate Bank on Friday last week, BTC was unable to overcome the resistance at around $22.5K before this most recent dump occurred. This correction was precipitated by Fed Chair Jerome Powell speaking before Congress mid-week which lead to some volatility but overall BTC remained around $22K until yesterday’s drastic movement downward happened.
Altcoin Markets Also Slump
The altcoin markets have not fared any better than BTC with Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Litecoin (LTC) and Tronix (TRX) all slumping by up to 15% in just one day alone leading them all into red territory for today’s trading session.
Crypto Market Cap Drops Below One Trillion Dollars
This sell off amongst both major cryptocurrencies and their respective altcoins led the total crypto market capitalization down beneath one trillion dollars as investors continue selling out of their positions into cash reserves or other assets such as stable coins like USDC or USDT instead of holding onto cryptocurrencies which are currently losing value rapidly during this correction period.
It remains unclear how much further Bitcoin will drop or how long these losses across all cryptocurrencies will continue for however what is certain is that these markets are highly volatile and therefore investors should be extra cautious when entering into positions so as not incur losses greater than they can afford otherwise they could be left feeling regretful over their decisions later on down the line when things don’t turn out as expected when investing in digital assets such as crypto currencies