The cryptocurrency market experienced a broad correction on September 24, with Bitcoin dropping below $84,000 after an eight-month high of over $87,000. Altcoins followed, with Ripple’s XRP plunging more than 7% to under $1.50. ZEC, DOGE, and HYPE were notable losers among larger caps. The total market cap fell nearly 3% to $2.85 trillion, while Litecoin bucked the trend with an 8% gain.
After an explosive start to the business week, Bitcoin was primed for a correction. The asset dropped to under $84,000 following a rejection from $87,000.
The altcoins have followed suit as they usually do. ETH slumped below $2,700, and XRP plunged by more than 7% to under $1.50.
Earlier in the week, BTC had dropped to $75,000 after the CLARITY Act was voted down and the Fed hiked rates. It ended the week on a strong note, surging past $80,000 on Friday.
Bitcoin climbed to $82,000 on Saturday but slipped to $80,300 after new escalations on two major war fronts. On Monday, it blasted through resistance levels to an eight-month peak of over $87,000.
The asset pulled back to $85,000 on Tuesday but again topped $87,000 on Wednesday morning. Another rejection drove it south to under $84,000, where it currently struggles.
Its market cap has dropped to $1.680 trillion, and its dominance over the alts stands flat at 59%. The total crypto market cap has shed nearly 3% daily to $2.850 trillion.
Ripple’s token flew to over $1.60 yesterday but the rejection pushed it below $1.50. Other major losers include DOGE, ADA, XLM, BCH, UNI, CRO, ZEC, NEAR, and RAIN.
ETH, BNB, SOL, TRX, HYPE, and XMR are also in the red, albeit in a less painful manner. In contrast, LTC has rocketed by almost 8% to $68, with BTC and MORPHO also slightly in the green among larger-cap alts.
