Altcoins: The market cap is struggling to recover $40 billion loss while alternative coins are still bleeding
The total Market cap suffers $40 Billion loss due to BTC’s plunge over $22,000 while XRP tumbles below $0.50 due to the U.S Securities and Exchange Commission (SEC)
Bitcoin is struggling to remain stagnant above $23,000 but till now seems to be impossible as the primary cryptocurrency has many Ups and Downs with analysts claiming for a possible price correction, while the rest altcoins are still in red zone.
Altcoins full in red
The tradition says that altcoins are following their King and that can be seen from their reaction whenever Bitcoin goes up or down.
The last 24 hours, Ethereum peaked at $680 before it start changing directions from north to south where it bottomed at $600. However the world’s second largest Cryptocurrency recovered a tiny part of the losses and currently trading around $603.
Despite Ethereum’s drops, Polkadot (-5%), Cardano (-5%), Chainlink (-7%) and Binance Coin (-7%) has joined reds, losing important parts of their value. Of course, Litecoin would not miss the party and mimicked the rest assets dropping almost 12% of its price but hopefully remaining above $100.
Ripple (XRP) Coin plunged almost $12 leading the price from $0.5695 to $0.4491 with the analysts claiming that the asset dropped due to a threat by U.S Securities and Exchange Commission (SEC) as they are planning to fire serious laws against Ripple.
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