The Bitcoin (BTC) price continues to struggle to stay above $100,000 and appears to be buckling under pressure again. In the last 24 hours, BTC price fell 1.1% to the current level of $98,900. This drop has caused a chain reaction in the altcoin market, where big names such as XRP, Cardano (ADA), and Dogecoin (DOGE) have seen significant corrections.
Bitcoin continues to move sideways
Since the end of November, the BTC price has been moving between $90,000 and $100,000. Last week, a brief breakout led to a new all-time high above $103,000, but these gains were short-lived. Bitcoin’s relative stability allowed many altcoins to gain attention, resulting in impressive rallies. XRP stood out, with an increase in value of no less than 340% in the past 30 days.
Correction in the altcoin market
After weeks of gains, the altcoins now appear to be correcting. This is not an unexpected development; stabilization is a healthy phase in the crypto market after strong price increases. Coins such as XRP, ADA, and Hedera (HBAR) have used this correction to create a more stable foundation for future growth.
Further decline cannot be ruled out
Still, the correction may not be over yet. ADA, which was trading at $1.30 last week, has now fallen 13% to $1.13. If the BTC price continues to show weakness, ADA could fall further to critical support levels of $1.10 and even $1.00.
Other major cryptocurrencies such as Uniswap (UNI) and VeChain (VET) are among the hardest-hit coins, with declines of 10.5% and 10% respectively. Memecoins such as Dogwifhat (WIF) and Shiba Inu (SHIB) were not spared, with losses of 9% and 6.2%.
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Source: https://newsbit.nl/correctie-in-cryptomarkt-altcoins-kelderen-na-bitcoin-daling/
