Major corrections to Bitcoin, Ethereum and Co.

After the price gains of the last few weeks, Bitcoin collapses violently and pulls the altcoin sector down with it.

The crypto market suffered significant setbacks on Tuesday morning. The market capitalization of all cryptocurrencies fell by 7.5 percent overnight to just under 2.8 trillion US dollars. Bitcoin is an example of the depth. It was only six days ago that the cryptocurrency set a new all-time high in the wake of the announcement of the inflation figures in the USA. Since then, the digital store of value has recorded a price loss of almost 12 percent. In the last night alone, the cryptocurrencies had to accept price drops of 7 percent, and in the meantime even struggled at the 60,000 mark. At the time of going to press, Bitcoin is loud Coingecko at $ 61,123.

The exact reasons for the sudden fall in the share price are unknown. However, some analysts go on Twitter from liquidated leverage positions. It is the second time this month that Bitcoin has made a leap south. This price movement was last seen after the all-time high on the night of November 10th to 11th.

Bitcoin is pulling the altcoin sector with it

The situation on the altcoin market does not look much brighter either. The sharp drop in the price of Bitcoin is dragging almost the entire crypto market into the red swamp of numbers. For example, the ten most valuable crypto currencies are all in the red. Ethereum has lost almost 8 percent in the past 24 hours, trading at $ 4,319 at the time of going to press. Polkadot is worse off. With a price decline of almost 9.5 percent, the ETH competitor is the loser of the day among the top 10 coins. Binance Coin, Solana, Cardano, Ripple and Dogecoin have to cope with losses between 5 and 6.5 percent.

BTC-ECHO analyst Stefan Lübeck took a closer look at the price developments of Polkadot and Cardano. You can find the overall market analysis here.

Meanwhile, among the top 100, only UMA can look forward to a double-digit price gain. The cryptocurrency generated 25 percent overnight, trading at $ 22.08 at the time of going to press.

source site-52