After a week of price increases, we now see a small correction. A dip causes most cryptocurrency prices, with a few exceptions, to turn red today. The market seems wary of a bill in the United States that uses a very broad definition of “broker”. Attorney Jake Chervinsky explained the situation on Twitter last weekend.
The total market cap of crypto fell from $1.72 trillion to $1.64 trillion last night. Still, several prices are starting to rise again this morning and the market capitalization is at $1.68 trillion, but will this recovery continue right away?
Bitcoin (BTC) peaked at around USD 42,630 on Sunday morning, but then fell back to USD 41,500 and then slowly sank towards USD 41,000. Shortly after midnight, however, the price suddenly plunged sharply from $41,100 to $39,500, a drop of nearly 4%. XRP Ripple is well known in crypto.
Bitcoin was then able to hold out at around $39,800 overnight, which could mean a higher low. This morning the price rose briefly to $ 40,600 but immediately ran into resistance. At the time of writing, bitcoin is falling back to $40,000. The question now is whether this $40,000 can be a new bottom so that we can see a resumption of the bull run soon with a retest of $42,000. However, after turning green for 10 days in a row, a further downward correction should come as no surprise.
Ethereum (ETH) price decoupled from bitcoin over the weekend, but the correlation is now starting to pick up again. Initially, the ether price shot up quite a bit last night and briefly touched $2,700, but was rejected there. Shortly after midnight, ether also plunged hard, falling 5.6% from $2,675 to $2,525. Ether then rebounded to USD 2,550 and this morning the price shot up again to USD 2,630, but has fallen back to USD 2,600 at the time of writing. Nevertheless, ether is one of the only prices in the plus compared to 24 hours ago.
Further in the top 10, polkadot is the only one besides ether that turns green today. The DOT price rose to $19.7 last night, but fell sharply last night to reach $17.65 this morning. This morning DOT makes another jump up to $18.5, which means that the price is still slightly in the plus compared to 24 hours ago. UNI Uniswap is well known in crypto.
However, the rest of the top 10 turns red. Ripple (XRP) fell hard last night, made a big jump this morning, but is now falling again and is therefore 2% in the red compared to yesterday. Binance coin (BNB) and cardano (ADA) are 2.5% in the red today. Dogecoin (DOGE) saw no recovery at all this morning and is therefore 6% in the red this morning.
Outside the top 10, we see siacoin (SC) correcting sharply downwards. Siacoin shot up sharply on Sunday and this correction does not necessarily mean the end of its rally. Some crypto rates are also turning green today. For example, digibyte (DGB) is 7% in the plus, terra (LUNA) 8%, bitcoin gold (BTG) 8.5% and bitcoin cash abc (BCHA) is experiencing a significant rally. The BCHA rate is 30% in the plus today and even 120% compared to a week ago.