Crypto Market Turns Red as Bitcoin nears $35k Support Zone
The crypto market has experienced a major dip today, with most coins currently in the red zone. This dip is emphasized by the leading currency Bitcoin, which is closing in on the $35,000 support levels.
Bitcoin nears $35k
The bullish run of Bitcoin has been the talk of the crypto community in recent weeks. However, this week has not been the best for the leading coin, which has failed to make significant gains.
Bitcoin has hovered around $36,000 and $38,000 for the most part of the week following the dip in the weekend. There had been a slight upward trend from BTC yesterday, with the coin hitting the $40k mark.
However, most of the gains have been wiped out in the past 12 hours as Bitcoin has experienced a major correction. The leading coin is down 10% and is currently trading at $36,080 on major exchanges. There are speculations that a massive correction could be on the way for Bitcoin, but it isn’t easy to be certain of anything. BTC has surpassed all expectations in the past three weeks amid a surge from institutions to purchase the coin.
Looking at the market trend, the next support level for Bitcoin is $35,000. An uptrend in fortunes could see the coin make another move towards the $40,000 psychological barrier over the weekend.
$100 Billion Wiped off Crypto Markets
As expected, the downturn in price from Bitcoin affected the crypto markets. Most of the top 20 coins are trading green, with the overall market sentiments bearish. Leading altcoin Ethereum is down by 6.56% and trading in exchanges at around $1,157. Ether has failed to make the long-awaited next step towards equaling its all-time high.
Embattled token XRP recently made some gains this week. However, at the time of publication, XRP is down 8.68%, while Cardano (ADA) is down 7.92%. Stellar Lumens (XLM), which experienced a major bullish run in recent days, has lost its gains. XLM is down two places in the crypto rankings and is trading for $0.2816.
The total crypto market cap is down by 11%, with $104 billion wiped in the past 24 hours. There remains optimism that the market will recover and continue on its extended bullish run.