Bitcoin Drops Below 60k; Other Altcoins Follow The Decline Trend

2021-11-16 16:57:28

After reaching the all-time high just last Wednesday, Bitcoin drops below 60k for the first time since September. With this, bitcoin ends a cycle that started ten days ago, costing the asset to lose around $6.500 a day.

Currently, bitcoin is back to $60.431 at the moment of writing. However, this morning’s decline down to $58.431 was enough to shake the crypto community. Especially since only 24 hours ago bitcoin was going well above $66.000.

However, just several hours later, bitcoin started to decline at a substantial pace. This resulted in bitcoin going just above 60k, making for the lowest price since early November.

Consequently, the market capitalization of bitcoin is now $1.150 billion. This results in a whopping decline of $100b in just 24 hours, going under $59.000 for the first time since October the 1st.

Just as in most instances, when bitcoin goes down, all the other altcoins are following. That is the case this morning, when Ethereum, Polkadot, Litecoin, Terra, Bitcoin Cash and Chainlink all reported 10% price drops in 24 hours.

This results in ethereum currently going at $4.300, a substantial drop from last week’s $4.800. Moreover, DOT is now $42, LTC trades below $250, Luna $45, bitcoin cash below $620 and LINK slightly above $30.

And that is not all. In fact, Solana, Cardano, Dogecoin, Ripple, Binance Coin and Avalanche are all noticing price drops. It is fair to mention that despite the collective price decline, the losses percentage is somewhat similar for all altcoins.

Just take a look at some of the more popular altcoins and how much each of them lost.

  • VeChain – 12%
  • Chainlink – 12%
  • Cosmos – 12%
  • NEAR Protocol – 13%
  • Audius – 13%
  • Kadena – 14%
  • CRO – 16%

This is a clear reminder that whenever bitcoin drops, the others are most likely to follow.

 

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