Crypto correction continues: Bitcoin drops to $US47,000, ETH below $US1,500
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Cryptocurrencies have been losing ground over the last 24 hours – but the losses are still mostly in the single digits.
Bitcoin had dropped 6.6 per cent to $US47,100 ($59,900) at 2pm AEDT, while Ethereum had fallen 8.5 per cent to $US1,480 ($1,900).
Most major coins were lower, although Cardano (ADA), the No. 4 coin by capitalisation on Coincap.io, gained 4.4 per cent to $US1.07.
ADA tokens were trading for 10c back in November, and as low as 3c in March.
Experienced crypto market watchers were noting on social media that corrections are normal and healthy in a bull market, and predicting that unless Bitcoin dropped under $US40,000 or so, the uptrend was set to continue. (BTC started 2021 under $US30,000.)
— @Cohyen (@Cohyen) February 26, 2021
$42K area would make sense to me… 50dma support PLUS horizonal support too.. These dips are necessary for the market to sustain. #bitcoin
— @paddy_stash ⓣ (@Paddy_Stash) February 26, 2021
Meanwhile, of the top 100 coins on Coingecko, just 11 had gained ground in the past 24 hours, with the other 89 falling.
The worst-performer was ZKSWap, down 35 per cent to $US3.77. The coin is still up over 340 per cent for the month, but down significantly after hitting an all-time high above $US6 yesterday.
Enjin Coin has been the top performer, up 11 per cent to US58c. The gaming token hit an all-time high of US66c in the overnight hours on enthusiasm for non-fungible tokens (NFTs).
Coins in the top 100 also setting all-time highs are Polygon (MATIC), at US21c; Fantom (FTM), at US84c; and Leo Token (LEO), at $US2.11, according to Coingecko.
Fantom in particular has been on a stupendous run, up 85-fold in the past year. In the past seven days the FTM token has tripled in value, while no other coin in the top 100 has even doubled, according to Coingecko.
$Ftm Fantom rose hundreds of percent while the market was tanking as a whole, keep that in mind. Project is about to explode even further as we recover, with the integrations Andre is doing, this project will be a top 5 or top 10 at least. Don’t sleep!
— BitSmash (@bit_smash) February 24, 2021