Playing into earlier predictions about a possible price correction, Bitcoin plunged from $30,000 to below $28,000, losing thousands of dollars in about an hour. According to market data, the plunge was over 12%, the king coin’s largest fall since it began its new highs.
While the fall was unpalatable for members of the Bitcoin community, altcoin enthusiasts had a field day as the altcoins seemed to put on weight where Bitcoin lost. Regardless of the crash, Cointelegraph analyst Michael van de Poppe has set a lower range for Bitcoin. Speaking on YouTube, the analyst said:
“If we want to see some support zones on Bitcoin and expecting where we’re going to move from, the first area is around $29,600, second area is around $27,600.”
At press time, Bitcoin has pumped back up and is trading just over $31,000, even with the nearly 8% drop in the last 24 hours. Over the last seven days, the king coin has climbed more than 15%, and is currently at a market cap of $576.41 billion.
Major altcoins have also pulled in seven-day gains. Ethereum is currently over $1,000, after climbing more than 37%. Litecoin, Polkadot, and Bitcoin Cash, have all climbed 15.76%, 50.23%, and 10.22% respectively. However, XRP has not been so lucky since the SEC lawsuit. The world’s fourth-largest crypto asset is currently trading at $0.233 after falling 18% in the last seven days.
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