The Rest Of The Crypto Sector Follows The BTC and ETH Decline And Records Massive Losses

The crypto sector may be entering a price turnover, as Bitcoin, the dominant cryptocurrency closed January 21’s trading with a 13% price loss. The leading cryptocurrency experienced the same sort of behavior in the COVID-19-related market crash in mid-March 2020.


Source: TradingView; CoinDesk

However, many analysts like Techemy Capital trader Josh Olszewicz believe Bitcoin’s price fluctuation is "probably just a dip" and a long correction is an almost impossible scenario. Olszewicz’s opinion is backed by Bloomberg analyst Mike McGlone, who added that Bitcoin is "probing for support and resistance within a mostly $30,000 to $40,000 range for a while until embarking on the next leg of the stair-step rally."

On the other hand, crypto experts like Guggenheim's CIO Scott Minerd consider Bitcoin to be hitting a temporary top, which may lead the world’s biggest cryptocurrency to date to retrace back to around its past all-time high of $20,000. 

Bitcoin’s price drop may be also due to increased selling pressure since the price per BTC hit $42,000 in mid-January. Selling pressure is most evident on U.S.-based crypto exchange Coinbase

Meanwhile, Bitcoin’s price fluctuation affected other key market players like Ethereum, for example. The second-largest cryptocurrency made a 20% price decline in just 24 hours, while the crypto sector’s market capitalization shrunk to $850 billion. 

After reaching a YTD top of $1,432, Ethereum lost ground and tumbled to the $1,050 - $1,100 region. The price slash, however, was market-wide, with many projects suffering from double-digit losses.

For example, Polkadot (DOT) lost 13% of its price, while Cardano (ADA) went past the 20% loss mark with a 22.23% price slippage. Other projects include Ripple (XRP) and Litecoin (LTC) with a 14% price slump each, Bitcoin Cash with a 19% price decrease, Chainlink (LINK) losing 18% off its price, and Binance Coin (BNB) falling down 11.34%.

However, the crypto sector still has a strong presence in terms of market capitalization, as AssetDash’s “Top Assets by Market Cap” chart shows Bitcoin slipped just three spots to #11, with TSMC at #10 and Berkshire Hathaway sitting at #12. Ethereum, on the other hand, fell one place to #72.

Despite the daily price corrections, both Bitcoin and Ethereum continue to be among the best montly performers in the chart, with Ethereum gaining 44 positions with a market cap of $134,3 billion. 

Bitcoin Ethereum Cryptocurrency Crypto Market btc eth crypto market monitoring Ethereum news

Cookie Policy uses cookies to enhance your experience. By continuing without changing your settings, you agree to this use. To provide the best blockchain and crypto media on the web for free, we also request your permission for our partners and us to use cookies to personalize ads. To allow this, please click "OK". Need more info? Take a look at our Cookie Policy.

OK Cookie Policy