Cryptocurrency Market Correction: Bulls Take a Breather
The Current State of the Market
The cryptocurrency market is currently experiencing a correction, with the bulls seemingly taking a break after a recent rally. This has led to a decrease in total market capitalization, which now stands at around $2.45 trillion, down approximately $40 billion in the last 24 hours.
Bitcoin Price Decline
Bitcoin’s price has also been on the decline, along with most other altcoins. The bulls were unable to maintain the price above $66K earlier in the week, and now the bears have taken control. Sellers are now pushing BTC below $63K, resulting in a 2% decrease in the price.
According to data from CoinGecko, Bitcoin’s dominance in the market is currently at 51.2%, down by 0.2% in the last 24 hours. This means that altcoins, as a whole, are performing relatively better compared to Bitcoin.
Market Volatility Amid Political Turmoil
The recent volatility in the market coincides with ongoing political unrest in the world. As investors navigate through these uncertain times, it is important to stay informed and make well-informed decisions in the crypto space.
Crypto Market Update: Altcoins React to US Presidential Elections
US Presidential Elections Impact Crypto Market
As the US Presidential elections draw near, the crypto community is buzzing with opinions from prominent figures such as Ryan Selkis from Messari, Vitalik Buterin from Ethereum, Charles Hoskinson from Cardano, and more.
Altcoins Follow Suit
Amid the election buzz, altcoins are also experiencing a downturn. While some, like SOL, TRX, and TON, are managing to stay in the green, others like XRP, AVAX, ADA, UNI, and MATIC are seeing declines ranging from 3% to 5%.
Despite the overall market trend, there are some bright spots. Mantle is up 10% and WIF is up 6% in the past 24 hours, showing resilience in the face of the downturn. On the flip side, Lido DAO (LDO) and GALA are the worst performers, both losing close to 7%.
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Disclaimer
It’s important to note that the information provided on CryptoPotato is based on the opinions of quoted writers and not necessarily the views of CryptoPotato. Before making any investment decisions, it is recommended that you conduct your own research. Use the information provided at your own risk and always refer to the Disclaimer for further details.
Cryptocurrency Charts
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