On Tuesday, Bitcoin endures a 6.28% plunge to trade around $42,699. With that, the dominant crypto saw its market capitalization hovering at $802.8 billion. However, some market players believed that the latest Bitcoin crash created a buying opportunity.
El Salvador, the first nation to adopt BTC, purchased 150 more tokens on Monday as the leading crypto sustained losses, dropping below $45,000. The traditional market weakness affected the crypto market as BTC plunged from $48,242.8 to $44,487 on Monday. Today, almost all digital tokens trade low. Cardano trades at $2.09 after losing 1.92%, while Binance Coin dropped 6.80% to stand at $363.7.
Also, the leading alt, Ether, dropped towards $3,011 on Tuesday after losing 5.38%. That had its market capitalization standing near $352.36 billion. Mudrex executive Edu Patel comments that the stock and crypto market saw gloomy sessions on Monday. He further said that stock market concerns disturbed the crypto momentum, BTC plunging under $43,000, losing the gains accumulated in the past few weeks. Meanwhile, the altcoin market appears to suffer the crash the most.
The preeminent alternative token, Ether, plunged to the price level of around $3,000, confirming turmoil in the alt market. Though Ethereum recovered slightly, most alts battled with losses under price pressure. The overall market cap lost over 8% as the trading volume surged by 64%. That indicated panic actions in the crypto space as investors hurried to trim their crypto exposure. Patel believes that the cryptocurrency industry will remain unstable in the upcoming 24 hours.
Also, WazirX COO Siddhartha Menon stated that the crypto industry trades in minor losses today. That had the global market cap sliding beneath $2 trillion. Analysts believe that the $250 billion plunges in the market followed the unpredictable crash related to possible debt default by Evergrande, a renowned real-estate dealer in China. BTC and most digital assets lost up to 10% at the time. Solana dropped over 12% as its trend pattern shows that SOL might rise past the bullish flag formation.
Menon trusts that Solana will surge in the future. Keep in mind that SOL was among the assets that rode bullishness to record highs from July to August 2021. Meanwhile, a recent BTC analysis revealed a fractal in the long term, and using its previous geometrical pattern, BTC might surge to $300K zones.
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