Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $31,230.5 (-3.13%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $1,038.75 (-2.86%), while XRP has dropped by 2.77% and is now trading at $0.234.
Bitcoin has lost $3,400 within an hour, sending traders the message corrections during its meteoric rise are likely to be quite sharp. According to data provided by Glassnode, the drastic drop in the reference crypto price is the result of the liquidation of $190M in long positions on Bitcoin futures at Binance in one hour.
It should be noted during bullish periods such as the current one, corrections are quick but short-lived due to the fact that investors who expect the rally to continue take advantage of the falls to buy.
Thus, Catherine Coley, CEO of Binance.US, believes Bitcoin could rise to "$75,000-100,000" by the end of the year.
Even though this prediction is pretty optimistic, there is no doubt BTC has increased in a wave of growth that could take the crypto to new highs.
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $856,833,698,353.
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