TL;DR Breakdown
- Bitcoin hits a low of $58.6K, causing a panic among investors.
- Binance Coin drops below $600, as ADA, SOL, LTC, and WIN shed.
- PORTO goes booming upon listing on Binance launchpad.
Now and then, the cryptocurrency market experiences volatility. These volatile phases run market corrections and bearish patterns in hundreds and thousands of crypto tokens on various worldwide exchanges. Every volatile spell crushes big names in the crypto industry, with multiple tokens losing support levels and shedding a significant portion of their gains.
Bitcoin is the prime example of this phenomenon, as whenever it goes red, the influence is felt all across the market. In the recent trading hours, Bitcoin has struggled to stay above the water. Within 24 h of trading, Bitcoin has plunged from $63,500 to a low of $58,600.
Previously, the $60K support level kept Bitcoin in the $60K range. However, it sharply shed its value to hit a new recent low. The leading crypto token has again bounced above $61K, a positive sign for the market.
However, as the buyers showed interest in Bitcoin, it rose again in valuation, market cap, and trading volume. The trading volume of Bitcoin has upsurged from $39 billion to over $46 billion. A similar pattern is observed by ETH and BNB, who have also steadily increased their trading volumes. Binance Coin struggled to gain momentum and dropped below $600. It is currently valued at $596,40.
Many analyses show that this sudden wave of volatility was nothing but just a healthy correction. However, the unpredictable crypto market permanently ceases to amaze consumers with its swinging patterns. Cardano, Solana, and Litecoin have also suffered in the recent dip.
Altcoins bleed red
ADA was already struggling to gain momentum, and it fell below $2 in the recent bear run. The famous coin has shed almost 17% over the last 7 days, and investors are showing their concerns about its long-term plans. On the other hand, SOL has also tanked by 6.40%. Probably the most popular coin of this season, SOL rose to the charts within days. At the time of writing, it stands at a little over $226.
The WIN coin made considerable gains in the last couple of days, crossing $0.0010. However, today it has also dropped by over 13%. Its 24h trading volume has also gone down by a concerning 50%. But the coin can bounce off after a healthy correction. Litecoin, on the other hand, found a little footing after crashing and is now valued at $237. A move past $240 could prove to be handy for the coin.
FC Porto fan token partners with Binance
FC Porto fan token (PORTO) was recently launched as the 23rd project on Binance Launchpad. It is following the footsteps of the Lazio fan token by providing holders with an opportunity to vote and get exclusive discounts.
PORTO was expected to go high, just like previous tokens, upon collaboration with the world’s number one cryptocurrency exchange. The exchange opened the subscription of the token for three hours and then allocated the coins to holders according to percentage calculations. The token, however, went as high as $41 for a brief moment on Binance. But it is currently valued at around the $10 mark.
HIVE and SAND among other gainers
HIVE and SAND topped the list among other gainers as both of these coins went up by 20% and 11%, respectively. They both also experienced a rise in their market caps and trading volumes. HIVE just touched a new ATH, and SAND is fast approaching its previous records. On the other hand, GALA has continued with its upsurge as well.
The overall market cap for the crypto industry stands at $2.6T. Bitcoin enjoys 43.3% of market dominance, and Ethereum‘s dominance stands at 19.2%. It is expected that the correction will soon be over, and the tokens will turn bullish in the coming days.
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