Bitcoin Cash, Ethereum, and Litecoin drop by more than 6% in an hour; has the correction wave begun?

Altcoins followed Bitcoin’s lead and pumped higher, but since Bitcoin slumped by ~2% in an hour, the altcoins have dropped by more than 6% in an hour.

Bitcoin Cash

The fourth largest cryptocurrency in the world by market cap underwent an upgrade on May 15, 2019, to implement Schnorr Signatures, however, the upgrade faced with an obstacle as many people in the community claimed that a hacker exploited a bug after waiting patiently for months.

Source: TradingView

As a result, the price of Bitcoin Cash [BCH] fell by 8.37% in an hour. The price went from $443 to $412, and the market cap reduced to $7.4 billion.

Ethereum

Ethereum, the second largest cryptocurrency, fell by approximately the same amount as Bitcoin Cash, i..e, 8.21% in an hour. However, at press time, the price seemed to be recuperating as the candle was green.

Source: TradingView

Ethereum’s market cap also faced an instant setback as it collapsed from $28 billion to $27 billion. The coin looked good in a slightly longer time frame, as the price was up by 49% in 7 days.

Litecoin

The silver to Bitcoin’s gold, Litecoin, faced a drop more brutal than the above-mentioned, as it collapsed by 9.26% in an hour. The price of Litecoin reached $100 point after almost a year, but the coin is facing massive rejection at this level and it can be attributed to Bitcoin’s slump.

Source: TradingView

Litecoin’s price, at press time, was hovering over $100 with a market cap of $6.186 billion. The fifth largest cryptocurrency in the world hovered just below Bitcoin Cash.

EOS

EOS suffered the same fate as the rest of the altcoins as it dropped by 6.88% in an hour. The price of EOS. at press time, was trading at $6.64 and had a market cap of $6.03 billion, just below Litecoin.

Source: TradingView

In a larger time frame, the altcoin performed better than its counterparts as the price was up by 34% in 7 days. The above fall in altcoins after Bitcoin’s drop by 2% shows the correlation that exists between Bitcoin and other altcoins.


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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

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