Bitcoin prices made an extraordinary surge to cross the $60,000 yesterday, March 18th. However, the crypto market is running in the opposite direction today.
Bitcoin topped $60k for the first time in a record-breaking, stimulus-fueled rally happening for the past few days. Market analysts are of the opinion that such a volatile rise was a clear indicator of a sharp correction. All those gains were immediately wiped out as BTC dropped down to the $58,000s. Current metrics suggest that this was a 0.29% drop overall.
The global cryptocurrency market cap stood at $1.8 trillion but later fell down by 0.3% within the last 24 hours. The value of gold is also running against crypto. This has led to the Bitcoin market plunge below 25% in comparison.
Bitcoin And Ether Follow Same Trend
Along with Bitcoin, ETH has also been following a similar pattern. The price of Ethereum peaked yesterday evening before dropping down by 0.9% for the day. Market analysts believe that the extreme volatility surrounding the crypto market is leading to such trends. They opine that the intervention of the institutional investors and retailers in the Bitcoin market is what has led to such growing uncertainty. Whenever prices bloat past a milestone, the digital asset loses a lot from its value as the market immediately pulls back. However, investors are still hopeful about this alternative currency.
The leading cryptocurrency briefly stood at $61,080 as of 5:35 p.m. New York time. This was a bounce back from the February rout that brought down the price of BTC to a massive low. Currently, investors say that BTC market is making the most out of potential optimism in financial markets following President Joe Biden’s Covid-relief bill.
Antoni Trenchev, the managing partner and co-founder of Nexo said in a recent statement, “Every correction is an opportunity to reset and restart the move upwards.”
