Crypto Markets Undergo Correction: Bitcoin and Ethereum Drop, Altcoins Under Pressure
Bitcoin (BTC) fell about 1.7% to $116,453 on Friday, after hitting an intraday high of $119,436 and a low of $115,002 in the previous session. This decline was largely due to a massive liquidation of $585 million, triggered by leveraged long positions and regulatory uncertainty. Despite this, BTC remains well above its year-to-date low, indicating that the long-term bullish trend remains in effect.
Ethereum (ETH) experienced a moderate decline of about 0.5%, trading around $3,721. Despite the price correction, ETH continues to show positive momentum, supported by institutional accumulation and increasing adoption. Analysts predict ETH could test the $4,000 level in the coming months if this trend continues.
Meanwhile, altcoins like Solana (SOL) and XRP also experienced declines, each down about 5%. However, XRP remains trading above $3, indicating strong investor interest in this asset. Meanwhile, Binance Coin (BNB) performed better, rising around 0.9% to $770, boosted by the announcement of the integration of the INK token and the Ink Layer 2 network into the Kraken platform, enhancing liquidity and DeFi capabilities.
Overall, despite the price correction in the crypto market, long-term fundamentals remain positive. Investors are advised to remain vigilant about market volatility and consider external factors that may influence price movements.
Source: Newsmaker.id
