Crypto Market Correction went underway over the weekend but is pausing momentarily with the Bitcoin stabilizing. The bitcoin held strong above $7000 mark after a weekend of volatility. The altcoin drop was also halted with the crypto market strengthening.
How the Bitcoin Has Helped Slow Down The Crypto Market Correction
The weekend has seen a lot of volatility over the weekend. The Binance Coin was especially hit hard last weekend when it lost double digits.
The Bitcoin has found some stability in early trading to help keep the Crypto market up. The Bitcoin hit an intra-day low of $7045 today but soon bounced back up to the $7400 level. It is now holding strong at that level for now, but volatility may come back with any upward or downward pressure.
The crypto market gained some more strength with the Bitcoin stabilizing. The market cap bounced back above the $230 billion mark after the crypto market correction.
Altcoins Bounce Back
The altcoins gained back some of the losses over the weekend after the crypto market correction pushed the blockchain currencies lower. The Bitcoin was hit hard over the weekend as it hit double digit losses. Today, the Binance coin bounced back up over $26.
The Ethereum also gained some more strength in trading today’s trading, settling at $240. The Ethereum was one of the stronger currencies during the weekend of Crypto market correction. The ETH grew 37% over the weekend and showing sign of even more growth in the future
The other coins in the top 20 that have gained traction after the crypto market correction include the NEM and Cosmos with 8% increase, the IOTA and Tron with 5% gains.
Crypto Market Correction Halt May be Temporary
The Trading volume has been trailing off the last few days after hitting new highs last week. This could be a sign of further losses in the next few days. The crypto market correction was initiated by massive bitcoin dumps. The rise of the Bitcoin should still continue but expect more correction in the future.