There are big drops in the cryptocurrency market.
The crypto money market, which has performed very well recently, is experiencing sharp declines today. There seems to be a hash in all cryptocurrencies, including Bitcoin. Among the crypto currencies in the top ten, there are coins with a decline of over 18 percent.
Market Decline Prevails
Considering the graphics, it is seen that Bitcoin is experiencing a sharp decline this morning. The price of the leading cryptocurrency dropped from $ 18,830 to $ 17,608 in approximately 2 hours and fell to over $ 1,000.
In addition, this drop in Bitcoin is thought to be the sharpest drop since November 7. In addition, this sharp drop in BTC has also increased the spot volume in major cryptocurrency exchanges.
Although there are no clear explanations as to whether Bitcoin, which was traded at $ 17,731 at the time of publication, will continue to decline, it is thought that this may be a general market correction.
“Do Not Buy At Pump, Do Not Sell On Dump”
Analysts often state that in such cases, especially new investors sell in panic, and this increases both selling pressure and losses. Because experienced investors buy at the time of the fall and sell after the prices reach the desired level. Therefore, investors are advised to keep calm in such cases.
On the other hand, following these decreases, the CEO of Binance, the largest crypto currency exchange in terms of market volume, Changpeng Zhao, who made a statement on Twitter, stated that sales should not be made during periods of decreases and when there are very high price increases. “Don’t buy during pump periods, don’t sell during dump periods. Perhaps you can do the opposite. ” used the expressions.
What About Altcoins?
With the decline of Bitcoin, there seems to be a huge loss in altcoins. Especially Ethereum and Ripple are seen to have a noticeable retreat and the altcoins in the top ten suffered double-digit losses.
Ethereum (ETH), which fell to $ 528 with a decline of 9.69 percent at the time of writing, still seems to have increased by more than 10% on a weekly basis. Also, Ripple price (XRP), the second largest altcoin in terms of market volume, fell 14.62% within 24 hours and is trading at $ 0.5537 at the time of writing. XRP is also seen to be on the rise on a weekly basis and even moving up by 88 percent compared to last week.
In addition, it is seen that Cardano (ADA) and Chainlink (LINK) made the biggest loss among the top ten cryptocurrencies. Cardano fell 17.32% in the past 24 hours, while LINK retraced 17.39%.