As the cryptocurrency market turned red yet again, some of the biggest altcoins that have been observed to perform well lately showed a major dip in the last 24 hours. While Bitcoin Cash and Litecoin plunged by 8%, the earlier bullish Binance Coin also witnessed a dip of over 9% in its price. However, this could just be a correction after the rally.
Apart from the 24-hour cycle, BCH has also shown a great decline on the weekly chart. In the span of 7 days, the token plummeted from a trading price of $315 where it’s market cap was $5.5 billion to $272 with a market cap of $4.8 billion.
Across the past week, Bitcoin Cash began the cycle in the green zone but was soon knocked down by the bear. By the middle of the timeline, the coin was trading at $2.82. However, it performed a sudden upswing and rested at a bullish price of $308. By the end of the week, BCH, similarly to its fellow altcoins was pulled back into the red zone.
At press time, Bitcoin Cash is trading at $275 with a market cap of $4.8 billion. It’s the 24-hour total trading volume is accounted at $1.6 billion.
LTC has followed a similar pattern when compared to BCH on the weekly timeline. On the 7-day chart, Litecoin began its journey by trading at a bullish price of $79 with a market cap equivalent to $4.9 billion. However, this was not the week-peak for the coin as it displayed a major upturn and reached $83 at one point.
Clearly, the observed jump did not stabilize LTC at its bullish position, after which the coin strolled down to $75 mid-week.
Today, the token touched its lowest point of the week after attempting to escape the bear claws. At the time of writing, LTC was traveling at a relatively lower price of $72 with a market cap of $4.4 billion. Its trade volume in the 24-hour cycle was recorded at $2.9 billion.
The coin that has recently claimed its position in the top-10 list of cryptocurrencies is currently showing price correction after a bullish performance in the market. Interestingly enough, it is the only coin among the three that is displaying progress on the weekly chart.
At the beginning of the week, BNB was trading at $19.6 where its market cap was recorded at $2.7 billion. As it progressed in the timeline, the token showed its first upturn at $24.7 and finally reached the highest of the week at $25.3.
Binance Coin could not hold the price at its high point but sustained a trading price above the starting price. This made BNB the higher gainer of the week, followed by Bitcoin.
Witnessing the reds in such deep shades, the cryptocurrency market continues to baffle the community. The situation begs the question of whether we have really entered the bull’s reign.
Priyamvada is a crypto-journalist who believes blockchain technology to be a revolutionary tool in advancing the future. She has had the fervor for writing and reaching out to people from an early age and entered the
cryptocurrency space a year ago. Reach out to her at [email protected]