Cryptocurrency Market Enters Heavy Correction, It’s A Black Friday Sale for Investors

27. Nov 2021 Posted by Akolkar B on News

The broader cryptocurrency market has entered major correction in what appears to be a Black Friday sale here for investors. Bitcoin (BTC) and the overall altcoins space has been bleeding deep red in this time.

As of press time, Bitcoin (BTC) is trading more than 7% down and is currently trading at $54,117 with a market cap of $1.022 trillion. The world’s largest cryptocurrency has been moving sideways for the past 2-3 weeks. Over the last weekend, Bitcoin made a brief attempt of starting the upward rally, however, faced strong rejection at $60,000.

But what led to this massive price crash on Friday? One of the major news in the market was that there was a new variant of COVID-19 discovered in South Africa. The new variant reportedly is resistant to the current vaccinations, harder to detect and much easier to spread. Well, it was enough to trigger panic among investors.

Thus, the crypto market correction followed a broader correction in the global markets. The European market was the hardest hit during the Friday trading session while the American market also faced investors’ brutality.

On Friday, the Bitcoin (BTC) price touched an intraday low of $53,625 with its volume shooting 20% up to $42.5 billion. Apart from just Bitcoin, the altcoin space entered a deeper correction.

The world’s second-largest cryptocurrency Ethereum (ETH) has moved dangerously close to its crucial support of $4,000. As of press time, Ethereum (ETH) is trading 8.82% down at $4,095 with a market cap of $485 billion. However, Ethereum still has the least losses on the weekly charts.

Ethereum-competitor Solana has slipped under its crucial support levels of $200 and is currently trading at $193 levels with a market cap of $58.77 billion.

Cardano (ADA) has been one of the most brutally hammered by investors in the altcoin space. The ADA price has tanked 5% and is currently trading at $1.57 with a market cap of $52.2 billion.

Ripple’s XRP has also slipped under its crucial support of $1.00 and is currently trading at $0.95 with a market cap of $44.896 billion. The recent altcoin market correction has eroded more than $200 billion worth of investors’ wealth.