The cryptocurrency market was filled with positivity throughout the past couple of days as all of the major coins were trading in the green. A lot of them scored double-digit gains, causing many to suspect that we had entered a new altcoin season. However, this notion was quickly dismissed, as today the entire market is bleeding red. Bitcoin plunged around $600 in a massive red candle, bringing all altcoins down with it.
Bitcoin Plunges $600 in an Instant
Bitcoin has seen a steep decline over the past 24 hours, marking a decrease of around 3.34% during the period.
As seen on the above chart, the cryptocurrency lost a large chunk of its USD value in a violent drop which brought its price to around $9,600. Even though it managed to bounce fairly quickly, BTC is still trading below $10,000.
Its current market cap is around $177 billion, while the Bitcoin Dominance Index, which tracks its relative share of the entire market capitalization, is hovering around 67.5%, slightly less than it was yesterday.
Bitcoin had managed to trade confidently above $10,000 over the past couple of weeks, and this sharp decrease suggests that the bulls were too early to celebrate.
Altcoin Season Postponed?
As CryptoPotato reported yesterday, altcoins saw some relief after Binance launched a platform for US-based traders. Registration opened yesterday, and this gave all the large- and mid-cap altcoins a serious boost, as most of them scored double-digit gains.
Today, however, the picture is entirely different.
The entire market is painted in red, and all the altcoins have declined during the past 24 hours. However, the BTC dominance rate is decreasing, which is something we haven’t been used to seeing in the past few months. As previously noted, it hasn’t much mattered if BTC is going up or down, as altcoins have suffered all the same. Now, however, Bitcoin is declining in both value and dominance, indicating that altcoins are comparatively stronger.
The steep correction comes after a few days of gains, and it will be interesting to see where the market goes from here.