The sky is Red: Bitcoin Market Cap Sheds Over 100 Billion Dollar In 4 Hours, Alts Record Major Losses
January 12, 2021 8:02 AM
In the past few weeks, Bitcoin (BTC) and the total global cryptocurrency market have experienced a parabolic rise.
The global crypto market cap recently surpassed over $1T a new all-time high (ATH), with Bitcoin Dominance over 73% which stands at $760B in market cap, with the flagship cryptocurrency reaching a new high of $41,000,Bitcoin lost over $100B in 4 hours on Monday as trade went south
In the early hours on Monday crypto market experience a major 30% price correction which was largely expected due to its parabolic rise to the $40k mark, bitcoin lost over $4k in the space of 3 hours reaching a low of $30k on the day before bouncing off.
Alts suffers from Bitcoin fate
Industry adoption of Bitcoin from major institutional investors has been the drive behind the surge in the global crypto prices, Ether (ETH) was the closest to Bitcoin in the recent price rally as Ether jumped from under $500, reaching a new higher high of $1200.
Ethereum suffered a 20.1% loss on the day reaching a low of $924. Binance coin (BNB) and Polkadot (dot) also similarly experienced major correction on the day.
The market is expected to rebound slowly back up according to various experts seeing this as an opening to fill up their bags and HODL for "everyone who missed $33k Bitcoin last time now is your chance" Tyler Winklevoss tweeted.