Even though price correction in the crypto market is something that is termed as healthy after every bill run, analysts and experts often get frustrated if the price decline is getting higher. The price correction is a phenomenon that occurs in every market whereby the price of a given financial asset would try to take a little step back after several weeks or days of accumulation.
With this, several media outlets have reported that Bitcoin is still leading other markets that are undergoing this present price correction, including Ethereum. Also, this current price correction which has seen Bitcoin make a rapid decline under $18,000, has seen the entire crypto market cap lose almost $20 billion.
Bitcoin and Ethereum leading the crypto market decline
Despite the bulls trying to back Bitcoin up by pushing it a little bit above the $18,000 region, the bears had a lot in store for the leading digital asset as it witnessed another decline below the region. Bitcoin is not the only digital asset that is currently undergoing price correction in the crypto market at the moment as other major altcoins have also witnessed a degree of market decline.
Leading the charge of other altcoins is Ethereum as the second digital assets according to market capitalization has seen its bullish run cut short with the coin presently trading around the $550 price mark. Bitcoin witnessed a sweet and bitter trading momentum in the past few days as the coin first went as high as $19,000 in the first few days before it later saw a bearish run that took its price to $17,650 in the days that followed.
Some days later, Bitcoin made another price surge as it touched the $18,000 price mark again in the span of a few days before later hitting resistance at $18,600. One would have hoped that the Bitcoin bulls would have supported the digital asset in that period, but the bulls were nowhere to be found as the digital asset went under $18,000.
Other altcoins are seeing price declines
As at this moment, Bitcoin is currently enduring in the crypto market as it is trading around the $17,800 region, a region it touched in the last seven days before the surge to $18,600. Taking a critical look at several market indicators in the market, one would see that the new support level of the digital asset is $17,180. If there is a further dip, the coin could rest at another support level earmarked at $16,340.
Analysts have nots the if Bitcoin is going to challenge its bullish run that was just seen in the fourth quarter when it touched $19,000, the digital asset would first break above the $18,500 resistance level before breaking above another $18,800 resistance level. One would have thought that Bitcoin was the highlight of the current decline run in the crypto market until he takes a look into other altcoins. Ethereum is now trading around the $540 region as it has lost about 4% in the last 24 hours.
Other digital assets that have witnessed some degree of decline run are Ripple, which has lost close to 3% of its value and now trades at $0.55. Also, Binance Coin, Bitcoin Cash and Polkadot has lost 3% in a single day while the highest losers are still Cardano and Litecoin that has lost about 6% while Chainlink has lost about 5% in the sake spam of time.
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