Cypher
(BTC) Bitcoin News TodayEthereum (ETH)NewsPrice Analysis

BTC Drops 9%, ETH 8% Down in Saturday Morning Fall

The overall crypto market has plunged by around 10% in the last 24 hours.

Bitcoin had it hard in the Saturday morning trading session as the leading cryptocurrencies declined to $30,194 (CoinGecko stats). While writing this report, Bitcoin trades at $30,884, translating to an 8.8% drop since yesterday.

Most altcoins dropped following BTC’s fall. ETH, the world’s best alternative coin, plunged at the start of the weekend. Ethereum declined by 8% to trade to a low of $1,718 before recovering to trade at $1,772 at the moment. With such moves, the second-largest digital asset remains down by 7.9% since yesterday and 21% dip since last week.

Since most cryptocurrencies have shown a high correlation with the leading coin recently, they saw plummets after BTC lost its value. Other top coins that dropped following the losses by the two leading cryptocurrencies include Binance Coin (6.8% drop), Cardano (7.5% decline), Dogecoin (7.8% plunge), and Polkadot (8.7% loss).

As a result, the overall cryptocurrency market lost 10%, valuing at $1.29 trillion at the moment.

Cypher

What Caused the Market Crash?

By now, the weekend has proven to be highly volatile since institutional crypto investors who stabilize the market against wild fluctuations are in their leisure times.

📰 Also read:  Differences Between Monolithic And Modular Blockchains And How They Work

However, as always, analysts had something to say. Some suggest the market disruption comes from the Ethereum and Bitcoin options contracts expiries.  The options contracts worth $3.8 billion, signed several months ago, allow buyers to redeem all their cryptocurrencies. After that, they are free to dump them on the financial market of their choice.

Yesterday, CryptoQuant CEO Ki-Young Ju said that the ETH options expiry caused volatility since it is the largest in Ethereum history. Keep in mind that his firm provides investors with cryptocurrency data.

Now, what holds the future? Today, QCP Capital, a cryptocurrency investment company based in Singapore, predicted that BTC would recover to $39,400 soon. Also, the firm sees Ethereum reclaiming its $2,550 highs. However, a BTC futures market Deribit remains less optimistic about the future of the two assets. Some market players in that particular market see Bitcoin at $33,220 in a year to come.

📰 Also read:  Stacks Experience 13% Uptrend, As Market Maintains Bullish Trend

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Stacks Experience 13% Uptrend, As Market Maintains Bullish Trend

Cypher

Klaus Mauer (Germany)

Klaus is one of the main German language writers on Tokenhell.com and writes about cryptocurrency related news, events, updates and also reviews of crypto brokers and exchanges.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content