Bitcoin correction deepens, pulls entire crypto market with it

Bitcoin correction deepens, pulls entire crypto market with it

In the past 24 hours, the total market capitalization of the cryptocurrency sector has plunged by over 8.6% as Bitcoin continues to find a new support level.

A large percentage of the top-100 cryptocurrencies are currently sitting in a sea of red. Meanwhile, about $150 billion has left the market as the total market cap dropped from $1.81 trillion to $1.64 trillion.

As of press time, the reason for the sharp drop in market prices cannot be determined. However, Bitcoin’s drop below its support at $54,000 may have triggered the general market correction. The flagship cryptocurrency is currently exchanging hands at $52,700 after dropping to a 24-hour low of $50,856.

On March 13, Bitcoin set a new all-time high at above $61,000. Since then, the digital asset has been consolidating between $55k and $59k. Bitcoin finally broke through its support on March 22 and has maintained its downward trend. With $54,000 broken, the next level of support is at the 50-day exponential moving average (EMA), which is slightly above $50,000.

Several other cryptocurrencies recorded losses with Bitcoin. Ethereum, for instance, fell by 4% and is currently trading slightly above $1,600. Ethereum dropped to a 24-hour low of $1,560. To date, Ethereum has corrected by 22% from its all-time high of $2,000+.

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