Major crypto assets like Bitcoin, Ethereum, XRP, Litecoin, etc plunge heavily in the past couple of hours.
The plunge declined the global crypto market capitalization below $1 trillion, however, the trading volume remained considerably high
Amid the plunge, some crypto assets like HBAR, RBC, etc maintain an uptrend being away from the crowd.
Crypto Market Plunge Heavily!
Just when the world’s second most preferred cryptocurrency Ethereum had a mega rally almost touching the ATH, a massive correction followed. The plunge outspread within the whole crypto space shedding a major chunk of market capitalization. However, some coins like Hedera Hashgraph (HBAR) price, Rubic (RBC) price continue surging with soaring numbers.
Bitcoin price dropped nearly 8%, Ethereum price by 9.13%, Polkadot price by 12.81%, etc, and all the other asset prices fell drastically. Moreover, the stablecoins like Tether, USDC coin, DAI, etc also experience a dip.
Does the question arise here that led to the drastic plunge? If yes, then is this related to the swearing ceremony of Mr Joe Biden as 46th President of the United States?
It would be still very early to relate the crypto market plunge to Biden’s swearing-in ceremony. In recent times, Biden’s pick to lead the Treasury Janet Yellen expressed her concern over the cryptocurrency being used in criminal and terrorist funding activities. Also, Biden’s administration names some of the pro- cryptocurrency members too.
Therefore, the crypto space expects pretty good days under the new administration and also believes the stimulus package would aggregate cryptocurrencies.
Some Surge Amid the Plunge!
The crypto space is witnessing a heavy plunge at the time of writing, where BTC price feared to slip below $33K. In between the dip, some of the token maintain their rally remarkably.
Hedera Hashgraph(HBAR) price jumps nearly 40% to hit $0.08. And Rubic (RBC) price surges remarkably by 116.27% touching $0.07330 at the press time.
It appears from the price chart that a sudden increase in the volume may have rallied the price to the current levels. However, it would be interesting to know whether the trend continues as the market recovers. As the Bitcoin price rally and ethereum price rally resumes, the market is expected to initiate the recovery phase.