Total cryptocurrency market cap fell by $ 70 billion in less than two hours following a major market correction.
We witnessed a very active few hours for the crypto market. The total cryptocurrency market cap had risen to over $ 900 billion, and lost nearly $ 70 billion in just one instant.
Ethereum was one of the most talked about crypto currencies in recent days. ETH has been on the rise at a great pace yesterday, starting an important move. It went up to over $ 1,150 in some exchanges. Moreover, this happened in a very short time. However, as we reported in our previous report, a correction was expected and the crypto coins met this expectation.
ETH fell to $ 914, losing more than $ 200. At the time of writing, ETH has recovered and is currently trading around $ 950.
During this time, Bitcoin was also hit at a remarkable rate. The leading cryptocurrency fell from about $ 33,300 to $ 30,400, and lost about $ 3,000 in the process. Venture Coinist podcast host Luke Martin summed up the situation as “I just woke up to the biggest BTC drop we’ve had since we broke 20,000.”
As a result, the total cryptocurrency market value declined from $ 910 billion to $ 840 billion, with a total loss of about $ 70 billion in just a few hours.
Trader named Emre İşlek (@Emreislek), closely followed by the Twitter crypto community, evaluated the decline and shared the price target. He used the following expressions in his sharing of work:
“I THINK THAT I TEST BITCOIN 27.100 DOLLARS IN THE EVENING HOURS, THERE IS FULLY STARTING INTO ALTCOINS FROM THE BOTTOM. LET’S WATCH ”
It is unclear whether this is a temporary drop or a long-term correction. In either case, it is useful to be especially careful when there is excessive volatility like this.