ZEC’s Massive Correction Continues, BTC Recovers From Sub-$84K Drop: Market Watch
Bitcoin’s price tumbled once again on Monday, losing over seven grand from top to bottom before it finally bounced off to around $87,000.
Most alternative coins also suffered, with ETH slipping to $2,800 and XRP testing the crucial $2.00 support. XMR, ZEC, and CC have plunged hard over the past 24 hours.
BTC Rebounds
The primary cryptocurrency bottomed on November 21 at under $81,000 after losing more than $25,000 in the previous 10 days. Its gradual recovery began that weekend with an increase to $84,000. The business week was more successful as the asset jumped to $88,000 by Wednesday and managed to break through that level in the evening.
The bulls drove it to a weekly high of over $91,000 on Tuesday and another local top of more than $93,000 on Friday. After regaining nearly $13,000 in less than a week, the cryptocurrency faced some pressure and was pushed south. It spent the following 48 hours trading sideways in a narrow range between $91,000 and $93,000.
However, another leg down took place on Monday morning. In just a few hours, bitcoin slumped from $91,000 to under $86,000, losing five grand in he process. It bounced at first but then dropped once again, this time to a new 10-day low of $83,800 (on most exchanges).
It reacted well to the latest decline and has jumped by roughly $3,000 since then, trading close to $87,000 as of press time. Its market cap has stalled at $1.730 trillion on CG, while its dominance over the alts is up to 57.3%.
BTCUSD December 2. Source: TradingView
ZEC, XMR, CC Down
Ethereum followed BTC on the way south yesterday and has failed to stage a meaningful recovery since its weekly lows. It now struggles at $2,800 after another 1.3% daily decline. The $2.00 support held for XRP, but the asset is testing it now again. DOGE, SOL, LINK, XLM, and HBAR are also in the red daily.
The biggest price losses come from ZEC, which has slumped by another 11% daily, CC (down by over 11%), and XMR (6.6% drop to $390). In contrast, PUMP and SKY have gained over 6%, while HASH has rocketed by 14% to $0.023.
The total crypto market cap has remained above $3 trillion, but it’s still down by $150 billion since Sunday.
Cryptocurrency Market Overview 02.12. Source: QuantifyCrypto
The post ZEC’s Massive Correction Continues, BTC Recovers From Sub-$84K Drop: Market Watch appeared first on CryptoPotato.
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