The market-wide correction that saw BTC plummet to $51,500 has harmed the alternative coins even worse. Ethereum dropped well below $1,600, while double-digit price declines are evident for numerous large-cap alts, including Polkadot and Uniswap.
Alts in a Sea of Red; ETH Below $1,600
After a few days of sideways trading, the altcoin market looked healthy yesterday with minor gains. Ethereum led the charge with an increase above $1,700. Moreover, the second-largest cryptocurrency went to a daily high of $1,740.
However, the situation has changed entirely in the past 24 hours. A sudden price drop evaporated $200 of ETH’s value, and the asset went to an intraday low of $1,550 a few hours ago. Despite recovering some ground since then, ETH is still below $1,600 and is over 6% down.
Red dominates the rest of the altcoin market too. Binance (-5%) and Cardano (-2.5%) have decreased to $245 and $1.1, respectively.
Polkadot has slumped by 13% to below $31, Ripple (-10%) is beneath $0.5, UNI (-11.5%) is down to $27, Litecoin (-9%) trades at $175, and THETA (-18%) is now just shy of $12. Nevertheless, THETA is 60% up in the past seven days, and its ascend has made the coin the 9th largest by market cap.
Cryptocurrency Market Overview. Source: Quantify CryptoFurther losses are evident for Theta Fuel (-24%), IOTA (-15%), Ontology (-13%), Fantom (-12%), OMG Network (-12%), Flow (-12%), Ren (-12%), SushiSwap (-12%), 0x (-11%), and more.
Ultimately, the cumulative market capitalization saw $150 billion wiped off in a day to a low of $1.620 trillion.
BTC Lost Over $6K
The situation for the primary cryptocurrency seemed to …
Story continues on Crypto Potato

Related posts
AltcoinsNewsNews 1SocialTrading View

THETA falls after mainnet 3.0 launch is pushed to June

Popular crypto-powered esports streaming application, Theta, has announced that it will be pushing its 3.0 mainnet launch to 30 June. The delay was announced by Theta Labs a few hours ago, with the coThe post THETA falls after mainnet 3.0…
AA NewsBTCEURBTCGBPbtcusdBTCUSDTCrypto News

Instagram Influencer Jay Mazini Involved in $2.5 Million Bitcoin Scam

The glory days of famous Instagram influencer Jegara Igbara, better known as “Jay Manzini,” seem to be counted, as he was accused by U.S. law enforcement of being the mastermind behind a million-dollar Bitcoin scam scheme. Jay Manzini was known…
BitcoinBitcoin OptionsBitcoin PricebtcusdBTCUSDT

Bitcoin Plunges Despite Tesla Boost Ahead of Record Options Lapse

An earlier morning boost in the Bitcoin market Wednesday, led by Tesla’s announcement that it would accept the cryptocurrency as payment for its electric vehicles, turned jittery ahead of the US session close, leading to a decline of more than…