Bitcoin drops below $ 16,000, has the correction begun? (Market Watch)

After hitting a new annual high of $ 16,500, BTC now appears to be turning back. The cryptocurrency dropped as low as $ 15,750 and recovered to the point where it is currently trading at $ 15,880. Most altcoins are following suit.

Does the correction begin?

There is a saying for traders that “what goes up must come down”. In other words, correcting prices is completely typical and healthy market behavior. This gives buyers the opportunity to consolidate and continue to accumulate.

Bitcoin pushed up to $ 16,500 during the week, recording an increase of over 6% over the past seven days. This is huge. Of course, the market started correcting today.

The price for the cryptocurrency dropped as low as $ 15,750 today on Binance, which means it has lost around $ 600 of its dollar value. Bitcoin has since recovered slightly and is currently trading at around $ 15,880. It is interesting to see whether or not the dumping will continue or if this was the correction before the next stage.

Altcoins follows suit

For the most part, Bitcoin’s dominance has remained unchanged and still remains slightly below 65%. In other words, altcoins failed to take advantage of this negative move.

This can be seen across the board with a few exceptions. Ethereum is down about 1.2% and is currently trading at $ 458. Binance Coin is also down about 2% to $ 27.5, while Cardano has lost 4% to return to trading at 0. , $ 10. Link, Polkadot, Tezos, and other large-cap cryptocurrencies are also down somewhere in the same range.

The main exception from the top 10 is Ripple’s XRP. The cryptocurrency, despite behaving like a stablecoin over the past two weeks, has risen by nearly 3% and is trading at $ 0.264.

Double-digit gains are evident from small and mid cap altcoins, and especially DeFi tokens. SushiSwap (21%), ABBC Coin (20%) and Uniswap (18%) complete the top three winners.

THORChain (11%), Waves (11%), NEAR Protocol (10%) and Nexo (10%) follow.