The cryptocurrency market was overwhelmed 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 believe that we might have 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 other altcoins with it.
Bitcoin Plunges $600 In An Instant
Bitcoin saw 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 downwards swing which brought its price to around $9,600. Even though it managed to bounce off 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 in the entire market capitalization is hovering around 67.5% which is 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 may be raising questions if the bulls were too early to celebrate.
Altcoin Season Postponed?
As Cryptopotato reported yesterday, altcoins saw some relief after Binance opened its platform for US-based citizens. The registration was opened yesterday and this gave all the large- and mid-cap altcoins a serious boost, as most of them were even scoring double-digit gains.
Today, however, the picture is entirely different.
Evidently, the entire market is painted in red and all the altcoins are suffering declines during the past 24 hours. However, it’s still worth noting that BTC dominance is decreasing, which is something that we’re not used to seeing in the past few months. As previously noted, it didn’t much matter if BTC was going up or down, altcoins were suffering all the same. Now, however, it appears that it’s not the same as Bitcoin is losing both value and dominance, which could be an indicator that altcoins are holding comparatively stronger.
In any case, the steep correction comes after a few days of positive gains and it is fairly interesting to see where the market will go from here.