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 …
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