Crypto market endures another heavy correction

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After a few days of positive movement on the crypto markets, Wednesday was another dismal day for investors as all major currencies slumped erasing most of the gains made during the past week. The chief loser was Ethereum Classic which had been on an incredible bull run, gaining over 30% in the past week but lost 15% in just a few hours. This was followed by Litecoin which also lost well over 10% having reached highs of around $240 but was back to flirting with the $200 mark on Wednesday.

Bitcoin Cash also lost around 10% of its value after having exceeded the $1,500 mark but was back to trading around the $1,350 level. The currency struggled to move upwards in the past few days after being one of the first to spike considerably after the early February crash. The same could be said for Ripple which also lost in its value and dipped below the psychologically sensitive $1 mark to trade at around $0.97, although it dropped to as low as $0.95 in one of the dips.

Legacy Bitcoin (BTC) also dropped by around 10% as it was flirting with the $12,000 mark early on Wednesday but eventually fell to just above the psychologically significant $10,000 level after which it stabilized at about $10,500. It appears that there are strong pressures which are not allowing the currency to progress significantly beyond the $12,000 mark with selling pressure at this level very evident here.

Ethereum once again disappointed and fell to well below the $900 level to trade at around $830 although it did recover slightly in the past few hours. Analysts are predicting a bullish future for this coin but it does seem to be taking its time to reach the levels expected of it. The same goes for Dash which also dropped albeit not as strongly as the other currencies but was trading at below the $700 mark yet again this being a psychologically significant level.

Other cryptocurrencies which are smaller by market cap also posted steep declines. The main loser was Stellar Lumens which saw its value plummet by over 11% and was trading at around $0.39 to practically erase all the gains made in the past week, whilst NEO lost a similar amount to trade at around $115 before recovering slightly to the $120 mark.