Bitcoin Correction Continues Amid Market Collapse, ETH Below $3K (Weekend Watch)

The past 24 hours haven’t been so favorable to the cryptocurrency market, in general. The total capitalization is down below $2 trillion once again, as the bitcoin price dropped to a low of around $41,900 (on Bitstamp). The rest of the market is also in the red as Ethereum is currently trading below $3K.

Bitcoin Price Dips Below $42K

The past couple of days have been a complete roller coaster on the cryptocurrency market and particularly when it comes to bitcoin’s price. Just two days ago, on February 10th, BTC was testing $46K when it got seriously rejected and has been falling ever since.

The price marked a few consecutive red candles after that and tumbled below $43K before managing to find some sort of relief and recovered back towards $44,000. This was for not, however, as the bulls failed to sustain the momentum, resulting in today’s decline.

Today, the price dipped below $42K, and even though it managed to recover a little bit since, BTC is down about 2% on the day at the time of this writing.

Source: TradingView

All in all, it has been a very turbulent week with tremendous volatility on both the crypto and traditional markets which remain highly correlated. The S&P 500 closed yesterday’s trading session 1.9% in the red, while the Dow Jones Industrial Average is down 1.4%.

Altcoins Suffer, Ethereum Price Below $3K

Altcoins didn’t have it any better, and, in fact, the majority of them are down even more than BTC in the past 24 hours. Ethereum, for instance, is trading below $3K, charting a decline of about 5% in the past day. BNB is hanging by a thread at the critical psychological and technical support at $400 and is down about 3.3% during the same time.

XRP decreased by 4.3%, ADA by 6.7%, SOL by 9.4%, while Luna is down 4% in a day.

Source: Quantify Crypto

The biggest gainer of the day is EGLD, that’s up 10%, while the coin that lost the most is KDA – down 17.6%, followed by Ethereum Classic (ETC), which is down 13%.