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Bitcoin Dipped Below $41K as Crypto Correction Deepens (Market Watch)

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The crypto landscape still seems quite unfavorable as bitcoin went down by $6,000 in two days and most altcoins are still in the red.

After yesterday’s massive crash in the crypto market, bitcoin is still not out of the woods as the asset dropped to $41,000 hours ago. Most altcoins are in a similarly adverse position with a few exceptions, such as ATOM, which is up by more than 16% in a day.

Bitcoin’s Dump Continues

CryptoPotato reported yesterday the substantial market crash, in which the primary cryptocurrency plummeted by double-digit percentages from $47,000 to below $43,000.

This came after several consecutive days of sitting relatively calmly around $47,000. Following this painful drop, BTC remained just above its intraday bottom, but the situation worsened hours later.

The asset went south once more and lost another $2,000 of value. This resulted in a drop to another three-month low, this time at precisely $41,000.

Since then, BTC has reclaimed some ground and even touched $43,000 before getting rejected and pushed to just over $42,000, where it sits now. As such, it’s approximately 2% down on the day, and its market cap has declined to $800 billion.

BTCUSD. Source: TradingView

Alts’ Correction Continues: But Not for ATOM

The alternative coins suffered just as badly as BTC yesterday, and most are in a similar position today. Ethereum traded above $3,800 just a few days ago but dumped below $3,400 yesterday. Another 4% decline since then has driven the second-largest digital asset to $3,250 as of now.

Binance Coin (-2.5%), Solana (-6%), Polkadot (-2%), Terra (-4%), Avalanche (-3.5%), Dogecoin, and Shiba Inu are also in the red. In contrast, Cardano, Ripple, and MATIC have marked minor gains.

Interestingly, ATOM has outperformed all other larger- and mid-cap alts with a substantial 17% jump. Consequently, the asset now trades well above $40.

Although other smaller-cap altcoins like Counos X have exploded by double-digits as well, the crypto market cap is down to $2 trillion. This means that the metric has lost more than $250 billion in two days.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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