Bitcoin has undergone a slight price decline, prompting debate about whether it is priming for another surge or the start of a bearish move.
With Bitcoin hitting a new yearly ATH of $16,500, the coin has now made a little decline, which has got tongues wagging. The recent decline run saw the coin drop from $16,000 to a region of around $15,750. The coin has seen a little upward movement and is currently trading around the $15,880 region, and most altcoins are following its trading pattern. Traders have always pointed out that it is healthy for a coin’s price to go up and come down subsequently, hence the saying, ‘what goes up must come down.’
Experts worry over the current Bitcoin decline run
A decline in crypto assets presents traders and investors with the perfect opportunity to buy coins and sell at a higher price when the bullish run eventually starts. Bitcoin hit yet another high figure of $16,500 over the last few weeks, enjoying an increase of 6% over the last one week. However, the latest correction move, which started in today’s early hours, has been branded as the best thing that happened to the market in recent days.
With a drop from $16,500 to $15,750, it means that the leading digital asset has lost about $600 from its value. After the slight recovery that the coin posted, one can safely assume that the number of dollars lost in the price correction is less than $500.
Also read:However, it is not yet sure if this latest dump is a start of a declining run or a correction before the coin hits another all-time high level as predicted by experts and analysts. Even though Bitcoin has seen a small decline run, its dominance in the crypto market has not been touched as the leading crypto still holds a dominant figure that is well above 54%.
Top altcoins follow Bitcoin’s decline trend
Despite Bitcoin shedding some of its value in the early parts of today, altcoins have failed to capitalize on the move as they have followed Bitcoin’s pattern. The trend is crystal clear in the crypto market amongst major altcoins, save for some coins.
Leading the pack is Ethereum, which has lost 1.2% of its value and presently trades at $458, while Binance Coin has also witnessed a 2% loss to trade at $27.5. other coins that have also lost some of their value in the process are Cardano, LINK, Polkadot, and Tezos. Meanwhile, Ripple has led the bullish charge as it has seen an increase of around 3% to trade at $0.264.
DeFi tokens, Lower and mid-cap altcoins, witnessed two digits rise to show that the market is back in the limelight. SushiSwap is up 21% while ABBC Coin and Uniswap are up 20% and 18% to place in the top three mid and lower cap coin gainers. THORChain, Waves, and Near Protocol saw a rise of 11%, 10%, and 10%, respectively, to join the top 3 gainers.
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