The Global market loses important part of its value due to Bitcoin’s $1,500 plunge while the entire Cryptocurrency market capitalization suffers

The world’s largest cryptocurrency peaked at $24,200 and immediately lost almost $1,500 of its value leading the price back at $22,700

The week started on a different scenario as Bitcoin could not manage to keep the price at its peak (24,200) and lost almost $1,500 in just a few hours. The asset was on a nonstop gaining till Sunday with analysts claiming that we could probably see another rally on the road to $27,000 by the end of 2020.

Sunday, was more than productive for Bitcoin as it skyrocketed at $24,200 marking a new All-Time High record. Nevertheless, the King of Coins turned over 180 degrees and tumbled below $22,500 losing almost $1,500 of its value while altcoins had it even worse.

To be more specific, the pressure was even worse for the primary cryptocurrency as it bottomed at $22,400. However, Bitcoin found its way and recovered some of the losses returning at $22,700.

The problem was not only for Bitcoin, but for the whole Cryptocurrency industry with some of the most popular assets bleeding the hell. In other words, the world’s second largest Cryptocurrency, Ethereum, lost almost 7%, Ripple (XRP) dropped about 8.55% while Litecoin dropped almost 10%.

All in all, analysts do believe that this $40 Billion drop is nothing more than a normal correction preparing the entire Cryptocurrency market Cap for a new rally.

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