Market Wide Correction Sees Bitcoin Drop To $11,500 With Total Market Clinging Above $300 Billion

Beginning yesterday, the market has gone through a price correction. For Bitcoin, after climbing as high as $12,200, the market began correcting seeing Bitcoin lose the $12,000 position and further decline to the $11,500 position.

The $11,500 support held up well and the digital asset has been able to hold above this. Altcoins have also suffered the same bearish fate, among the top 100, most are in the red zone. For those that recorded high gains in the last few days, they have held up well and are still recording gains from the last seven days.

Ethereum for instance, despite recording a drop of over 2% today, is up by 5% from the last seven days. However, no cryptocurrency has performed as well as Bitcoin in the last seven days. The crypto king is up by 17% in the last seven days. This just shows that the bullish sentiment is back and the dip in the last 24 hours is just a correction that will allow more investors to accumulate before forging further ahead.

Market Cap Above $300 Billion
Although Bitcoin and Ethereum seem to have gotten their winning streak back, a majority of other coins are yet to join in. Starting with Ripple’s XRP, the asset is recording losses from the last 24 hours and from the last seven days.

Both of these show that the asset is down by over 2%. This the same case for a majority of altcoins. This means the last few days have not seen them record substantial gains to rise above recent lows.

In spite of the recent dip by the wider market, the total market cap remains above $300 billion. A majority of this comes from Bitcoin which has a dominance of 68.3% at the time of press.

The bullish sentiment is back and we could see the market bounce back stronger hitting its year high of $13K. Further ahead we could see Bitcoin hit a new high of $15K.