Home News Alt Coins Bitcoin Drops Below $8,000 Once Again as Crypto Markets Experience Correction

Bitcoin Drops Below $8,000 Once Again as Crypto Markets Experience Correction

Cryptocurrency markets opened with a major correction today as Bitcoin dropped back below $8k mark. Fortunately, things have recovered since then and BTC is back above 8k.

June 04, 2019 11:00
Market correction
Share with your friends

In every major bull run there come at least a few phases of correction as well, and it seems that Bitcoin is also experiencing its own corrections right now before it can reach $9k mark. After several days of boom Bitcoin prices today dipped below the $8,000 mark once again, down more than 10% from their peak price of $8,800 about 4 days ago. The good news, however, is that the market recovered once again after this decline, and at the time of writing this article Bitcoin is back above 8k USD mark.

When I saw Bitcoin trading below $7,800 mark today early in the morning, it looked like things were starting to go awry once again. However, the markets started recovering soon after that, and by the time I started working on this piece BTC was back above $8k. This shows the strength of bull run that’s going on currently in the cryptocurrency market.

Ad

Other major cryptocurrencies also opened down today, but since then they have also recovered a large part of today’s losses. Ethereum, for example, dropped below $250 today, but right now it’s trading just shy of $250 mark (at $249). XRP is also trading above $0.4, though it had gone pretty close to breaching that level early in the morning.

Out of top 10 cryptocurrencies by market cap, none are trading in green. The biggest losers are EOS and Bitcoin Cash, down 11.45% and 9.88%, respectively. While EOS is trading at $6.74, BCH is trading at $398.66. Litecoin, Binance Coin, Stellar and TRON are also down, but they’ve managed to remain above their crucial psychological levels, as you can see below:

  • Litecoin: $104.85
  • Binance Coin: $30.61
  • Stellar: $0.126
  • TRON: $0.33

The least losing crypto in top 10, surprisingly, is Bitcoin SV. It lost only 1.58% of its value today and is currently trading at $219.

Now, if we talk of risers, there’s only one riser among top 20 cryptocurrencies: Cosmos Token! The 14th largest crypto by market cap, Cosmos is trading up by more than 3% at the time of writing this article. Its CMP is $6.59.

It will be interesting to see which way things go later in the day today.

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

LEAVE A REPLY

Please enter your comment!
Please enter your name here