September 30, 2022

Cryptocurrency Market Correction: Bitcoin (BTC) Slips Below $23,000, XRP Crash Drags Alts Lower

3 min read

The more comprehensive crypto market has entered a strong correction losing 4%or$34 billion over the last 24-hours. While Bitcoin(BTC)takes a dive listed below $23,000 levels, it still continues to extend its supremacy in the market. At press time, BTC is trading at $22,982 with a market cap of $428 billion and a huge 69% market supremacy.

The factor behind the rising BTC dominance is an even deeper correction in the altcoin space. The XRP cost crash in the last 48 hours has pulled down other altcoins greatly. Practically all of the top-10 altcoins have presently corrected to the tune of 5-20%.

Another popular crypto analyst Joseph Young presents fascinating data. He writes:”$1 billion worth of futures agreements were liquidated in the last 24 hours. Bitcoin just represented $258 million of it. Most originated from XRP ($272m), Ethereum ($155m), and EOS ($102m), with Litecoin, Chainlink trailing behind. Overleveraged altcoin market capitulation”.

XRP Crash Sweeps Major Correction in Altcoin Space

At press time, XRP is down 32% trading at $27 with a market cap of $12 billion. With the recent correction, XRP loses its third position to Tether (USDT). The current price correction happens as the SEC slaps a claim on Ripple for offering unregistered XRP securities.

Simply within a week’s time, XRP has lost an enormous $17 billion from its evaluations. Interestingly, XRPs newest price correction appears quite similar to the one prior to the crypto began its mega rally in December 2017.

However, the thing with XRP this time is that it has actually locked horns with the topmost regulator in the U.S. The unpredictability over XRPs status is one of the essential reasons behind the fading financier interest in the cryptocurrency. Interestingly, just after the SEC takes legal action against Ripple, Chairman Jay Clayton submits his resignation. Ripple CEO Brad Garlinghouse has actually declared a vendetta by Mr. Clayton versus the blockchain startup.

The recent market correction has actually pressed all the top-ten altcoins in the unfavorable zone, except Litecoin(LTC ). The LTC cost is down 6.35%at press time however still continues to hold strongly above $100 levels. On the weekly charts, the LTC price is up 13.27% i.e. even higher returns than Bitcoin.

Also, Ethereum (ETH) has lost its essential assistance of $600 correcting almost 6%. At press time, ETH is trading at $582 with a market cap of $65 billion.

On the other hand, the Grayscale portfolio continues to grow in size. Over the last 24-hours, Grayscale added $500 to its properties under management taking it above $16.4 billion. The Grayscale Bitcoin Trust (GBTC) has more than $14 billion in AUM.

The post Cryptocurrency Market Correction: Bitcoin (BTC) Slips Below $23,000, XRP Crash Drags Alts Lower appeared initially on Coingape.