Market Roundup: Bloody Monday Sees Bitcoin Drop

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In Brief
  • Bitcoin correction sees $54,500 holding.

  • Over $2.25 billion in liquidations as Bitcoin corrects.

  • HOT sees big gains as majors see red on Monday.

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Following a weekend of bullish sentiment, bloody Monday lived up to its name as Bitcoin suffered a 6% decline in price. The market saw other majors also decline while the majority of altcoins remained strong.

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Bitcoin had a turbulent day on Monday. The cryptocurrency was sailing above the clouds this past weekend. Bitcoin had managed to tap a new all-time high of $61,844 late on Saturday. However, since the all-time high, Bitcoin has begun seeing a correction. Monday saw the price drop to nearly 9% as Bitcoin touched $54,500. However, the crypto has managed to recover slightly. 

Source: Tradingview

Majors Suffer With Bitcoin

While Bitcoin had a rough day, the sentiment was felt across the top 10 as every single coin saw red on the day. Litecoin felt the sell-offs brunt with a 7.3% decline in price as XRP saw a mere 1% decline in price.

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Source: CoinGecko

Altcoins Have a Field Day 

While Bitcoin and other major cryptocurrencies saw red on Monday, Altcoins saw a mixed day of gains and losses. The lion’s share of gains  was split between 25% of the top 100. VeChain (VET) rocketed into the top 20 with an impressive 24% gain on the day. Making it the third biggest gainer in the top 100. Veteran project Siacoin (SIA) also climbed up 23% on Monday. Pushing the project back into the top 100. 

Top 100 Biggest Gainer 

The biggest gainer in the top 100 on Monday saw Holo (HOT) top the list. The resurgence of HOT following a 26% price jump accelerated the project into the top 70. The recent bullish sentiment means the top gainers on Monday have all seen over 43% gains in price. With HOT climbing over 178% in the past week. 

Source: CoinGecko

Bitcoin Volatility Causes Liquidations

The current market sentiment is still leaning towards a more bullish bias than bearish. However, Bitcoin’s volatility continues to torment over-leveraged traders. The 9% move saw over $2.25 billion in liquidations for the day. The market continues to punish greedy traders looking to capitalize on bullish sentiment. 

The rest of the week will be an interesting time for the market. If Bitcoin can take its foot off the gas after its recent all-time high, there is a strong likelihood that altcoins will enjoy more green ahead. 

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Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

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