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After weeks of consistent market surges, the cryptocurrency industry has been hit by correction waves over the past few days. Most digital currencies collectively recorded significant devaluation in their prices, with some of the previous few weeks’ top gainers recording significant losses.
Source: CoinMarketCap
Analysts and traders have speculated that this is the major pullback they have been predicting for Bitcoin and the altcoin market for some time now, ever since the king coin started consolidating higher on the charts. At press time, Bitcoin had fallen by around 11.22 percent over 24 hours, with the virtual currency dropping below the $10,000 mark for the first time since June 21st, 2019. The coin was falling by 1.06 percent over the hour, at press time.
Source: Trading View
Bitcoin was followed by Litecoin, an asset that had been spiking over the last few weeks. It was speculated that the previous hikes were recorded due to the impending halving. presently however, LTC was trading at a weekly low of $114.16. It exhibited a fall of 7.91 percent over the day and the market was valued at $7.06 billion.
Source: Trading View
Finally, Vitalik Buterin’s Ethereum plummeted below the $30 billion market cap following the crash and was valued at $275.11, at press time. Its devaluation over the past 24 hours was 7.32 percent. ETH had been one of the best performing altcoins over the past month. However, the current fall heavily dampened its weekly performance and the monthly hike was also affected.
And while there is no major reason for the market bloodbath, many speculate that this is the major pullback analysts had predicted. Only time will tell whether the next major rally will compensate for the market’s losses