Bitcoin and Altcoins "plunge", is the cryptocurrency rally over?

(NLDO)- The strong fluctuations of Bitcoin have caused other Altcoins to drop sharply within the range of 4-7%.

On the morning of November 27, Bitcoin (BTC) continued to decrease by nearly 3% compared to the previous day, trading around 91,000 USD/BTC (2.2 billion VND). Notably, this digital currency had a time when it dropped sharply and approached 90,000 USD/BTC (2.1 billion VND), the lowest level in the past 7 days.

The strong shake of Bitcoin has pulled other Altcoins down sharply in the range of 4-7%.

Specifically, BNB (-4.5%), Ethereum (-3.3%), DOGE (3.9%), Solana (-2.7%), XRP (-3.1%), Pepe (-5.3%)...

According to CNBC, Mati Greenspan, founder of Quantum Economics, said that Bitcoin's decline was not too surprising as Bitcoin had strong growth momentum right after the day the results of Donald Trump's election as US President were announced.

Bitcoin is falling hard

While Bitcoin continues to set new records, about to break the $100,000/BTC ceiling, long-term investors have started selling on the spot market with increasing volume, causing market pressure to increase and ending Bitcoin's consecutive increase streak.

According to Coinmarketcap , data from Coinglass recorded that more than $500 million was liquidated across the cryptocurrency market in the past 24 hours, affecting 197,551 traders.

Analysts pointed out that the reason for the sudden plunge in cryptocurrencies came from geopolitical and macroeconomic factors such as escalating tensions in the Middle East, which prompted investors to shift to traditional safe-haven assets, diverting money out of this market.

Additionally, the strength of the US labor market and the interest rate adjustment by the US Federal Reserve (FED) have created momentum for BTC to increase in price, but this has also contributed to the recent decline.

According to cryptocurrency market analysts, including Peter Brandt, who predicted a possible drop to $91,583 or even $85,610, Bitcoin could face further declines. This would surprise many investors who have only witnessed record price increases.

Source: https://nld.com.vn/bitcoin-va-altcoin-cung-cam-dau-song-tang-cua-tien-so-da-ket-thuc-196241127002827207.htm