Crypto Market Bloodbath: Bitcoin (BTC) Tanks Below $50,000 While Ethereum (ETH) Slips Under $1500
Following two weeks of strong rally, the cryptocurrency market has entered very sharp correction with Bitcoin (BTC), Ethereum (ETH), and many other altcoins breaking crucial support levels.
After hitting its all-time high above $58,300 Bitcoin (BTC) corrected 20% from its peak and has slipped below $50,000 levels today. At press time, Bitcoin (BTC) is trading at a price of $46,813 with a market cap of $872 billion.
This Bitcoin price correction comes amid strong sell-offs taking place by Bitcoin whales. It turns out that soon after Bitcoin touched an all-time high of $58,300, whale deposits from the exchanges spiked hitting its new 16-week high.
Such massive whale deposits just hours before the Bitcoin (BTC) price correction shows that massive profit booking has ensued in the Bitcoin community.
Also, the world’s richest man Elon Musk had been suggesting that the Bitcoin (BTC) and Ethereum (ETH) prices were ‘high’ in his opinion when BTC was around $56K levels and ETH around $1900 levels.
Note that after Tesla announced its Bitcoin (BTC) purchase on February 8, Bitcoin was trading just under $40K. Since then Bitcoin rallied a whopping 40% in just two weeks’ time to hit its new ATH above $58K. Even at the current price, BTC is nearly 18% up since Tesla’s announcement.
In addition to Bitcoin (BTC), the entire altcoin space is under sweeping correction. The world’s second-largest crypto Ethereum (ETH) has tanked more than 25% from its all-time high of $2000 on Sunday, February 21.
At press time, ETH has slipped below $1500 and is trading 17.54% down at $1466 with its market cap of $168 billion. Over the last two days, over $60 billion have been eroded from the ETH market cap. Even at the current price Ethereum (ETH) is ~90% up year-to-date.
The crypto market bloodbath has not spared any other altcoin in the market. All of the other top ten cryptocurrencies are down in double-digit percentages between 14-18%. The altcoins market have registered a wild rally so far in 2021. Before this correction, the altcoin market cap (excluding Bitcoin) gained 200%, however, it is still 1505 up year-to-date.