Market Collapses Again As Bitcoin Correction Continues: Analysis

Time Stamp: February 12, 2022 12:05 PM
Source Node: 1172415

The market collapses again as the Bitcoin correction continues and the past 24 hours were painted in red so let’s take a closer look at today’s latest altcoin news.

The crypto market remains correlated to the traditional stocks with both suffering considerable declines. The past 24 hours haven’t been so favorable to the crypto market and the total cap is down by $2 trillion again with Bitcoin dropping to a new low of $41,900. The rest of the market is in the red as Ethereum is now trading below $3,000. The past couple of days were a major roller coaster for the crypto market and especially when it comes to Bitcoin’s price. Two days ago, BTC was testing $46,000 when it got rejected again and was falling since then.

tradingview
Source TradingView

The price marked a few consecutive red candles after this and crashed below $43,000 before managing to find relief and recovered back to $44,000 but the bulls failed to sustain the momentum and resulted in today’s decline. Today the price dropped below $42,000 and it managed to recover a little bit but BTC is down by 2% on the day at the time of writing. Altcoins didn’t have it better and the majority of them are down more than Bitcoin is Ethereum, for example, is trading below $3K charting a decline of 5% in the past day. BNB is hanging by a thread at critical technical support at $400 and It is down by 3.3% as the market collapses again.

crypto quantify
Source Quantify Crypto

XRP decreased by 4.3%, SOL by 9.4%, ADA by 6.7% while LUNA is down by 4%. the biggest gainer of the day is EGLD which is up by 10% and the coin that lost the most is actually KDA as it dropped by 17% followed by Ethereum Classic that crashed by 13%.

Solana, Ethereum, and the rest of the coins are leading the tumble in price and the crypto markets dropped on Friday alongside the US stocks as investors dumped even riskier assets amid the fears that Russia can soon invade Ukraine. Bitcoin as the largest crypto by market cap was down by 4% in the past day and according to coin market cap, it was trading for $42,496 at the time of writing. The altcoin market took the biggest hit. Solana as the eighth biggest cryptos by market cap was down by 10% and XRP as the sixth one was down by 8.29% to $0.7751.

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