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    Home » Market Updates » Bitcoin Correction Continues Amid Market Collapse, ETH Below $3K (Weekend Watch)

    Bitcoin Correction Continues Amid Market Collapse, ETH Below $3K (Weekend Watch)

    Author: George Georgiev

    Last Updated Feb 13, 2022 @ 09:29

    The last 24 hours were painted in red. The cryptocurrency market remains highly correlated to traditional stocks as both chart considerable declines.

    The past 24 hours haven’t been so favorable to the cryptocurrency market, in general. The total capitalization is down below $2 trillion once again, as the bitcoin price dropped to a low of around $41,900 (on Bitstamp). The rest of the market is also in the red as Ethereum is currently trading below $3K.

    Bitcoin Price Dips Below $42K

    The past couple of days have been a complete roller coaster on the cryptocurrency market and particularly when it comes to bitcoin’s price. Just two days ago, on February 10th, BTC was testing $46K when it got seriously rejected and has been falling ever since.

    The price marked a few consecutive red candles after that and tumbled below $43K before managing to find some sort of relief and recovered back towards $44,000. This was for not, however, as the bulls failed to sustain the momentum, resulting in today’s decline.

    Today, the price dipped below $42K, and even though it managed to recover a little bit since, BTC is down about 2% on the day at the time of this writing.

    BTCUSDT_2022-02-12_11-05-13
    Source: TradingView

    All in all, it has been a very turbulent week with tremendous volatility on both the crypto and traditional markets which remain highly correlated. The S&P 500 closed yesterday’s trading session 1.9% in the red, while the Dow Jones Industrial Average is down 1.4%.

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    Altcoins Suffer, Ethereum Price Below $3K

    Altcoins didn’t have it any better, and, in fact, the majority of them are down even more than BTC in the past 24 hours. Ethereum, for instance, is trading below $3K, charting a decline of about 5% in the past day. BNB is hanging by a thread at the critical psychological and technical support at $400 and is down about 3.3% during the same time.

    XRP decreased by 4.3%, ADA by 6.7%, SOL by 9.4%, while Luna is down 4% in a day.

    img1_chart
    Source: Quantify Crypto

    The biggest gainer of the day is EGLD, that’s up 10%, while the coin that lost the most is KDA – down 17.6%, followed by Ethereum Classic (ETC), which is down 13%.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Bitcoin (BTC) Price Ethereum (ETH) Price
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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