The early hours of the day saw the market, with Bitcoin leading, take a big hit. The number one cryptocurrency in a couple of hours dropped from highs of $11,300 to $10,900, before further extending the drop to $10,600. This is a drop of more than 6% in the last 24 hours.
Other cryptocurrencies have followed in the same pattern, dropping by a substantial amount. For most, this has since seen them drop below key support positions that they have previously struggled to break above.
For two of the largest altcoins by market cap, Ethereum (ETH) and XRP, the coins have dropped below $300 and $0.40 respectively. These have been key support positions that the assets need to climb above sooner than later to keep up with the bullish sentiment. This could prove challenging as altcoins continue to struggle against Bitcoin due to its recent boom in dominance.
For a majority of other altcoins, the drop has ranged between 3% to 10%. This at the time of press has seen the total market cap drop to around $307 billion.
Bitcoin’s Dominance On The Decline
One silver lining that altcoin investors can take from the recent correction, is Bitcoin’s dominance has slightly dropped. This could mark the return of the “altseason” in the coming days.
Before this, there’s a cry for the bulls to stabilize the market before forging out the next move. Without this, the market could continue going through flash crashes that could drag prices below $10k, a strong and key support position. Below this, prices could easily spiral to the $9,000 range. An ideal stable position for Bitcoin in the midterm is just above $11,700.
Cardano (ADA) Regains Tenth Position From Tron (TRX)
As we have reported, there is an ongoing battle between three cryptocurrencies for the tenth position in the rankings. As of yesterday, Tron was holding this position but with a margin of less than $100 million.
In the last couple of hours, a drop of more than 6% has seen Tron be overtaken by Cardano. Cardano is also experiencing a bad day, dropping by around 3% and the difference in market cap between it and Tron remains under $5 million.