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BTC Price Threatens to Drop Below $50,000

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BTC Price Threatens to Drop Below $50,000

BTC‘s price dropped sharply in Thursday trading, scraping the $51,000 mark and threatening a dip below $50,000 for the first time since March 5.

After hitting as low as $50,500 on some exchanges, the world’s largest cryptocurrency by market cap is now down 17% for the week and nearly 5% in the last 24 hours, according to data from Coinstats.

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It’s not just BTC. Fellow top-10 tokens Cardano and Polkadot have fallen 4-5% in the last day. Meanwhile, Binance Coin and Ripple are each down 8-10%, while Dogecoin has dipped 15%.

BTC peaked at an all-time high of $63,520 on April 12. In the past 10 days, it has shaved over $11,000 of its price.

BTC has done this before. On February 20, the coin cost $57,000 before dropping back down to $45,000 a week later. Two weeks after that, it was above $60,000 for the first time. The market plummeted again over the weekend, contributing to a backlog of transactions.

On the other hand, BTC’s rapid rise—it was below $10,000 as recently as last July—has fueled concern of a steep correction.

It’s not necessarily bearish for crypto traders, however, as the crypto market is slightly more diversified than it once was.

BTC’s market dominance has fallen below the 50% mark for the first time since 2018, meaning altcoins comprise most of crypto’s total market capitalization.

And some of them are still doing quite well. ETH, the second-largest cryptocurrency, is up nearly 3% on the day. And a handful of ETH-based tokens are beating the bad day, among them Maker and Uniswap‘s governance token.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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