Bitcoin analysts are of the opinion that the peculiar weekend fate is becoming a pattern for the leading cryptocurrencies. BTC, along with other crypto coins, witnessed a rollercoaster weekend that ended in BTC losing $70 billion.
Another weekend, another wild ride for Bitcoin. According to recent reports, BTC hit a record high of $58,000 before it started its journey of a steep decline. Analysts assume that the fresh inflow of institutional and retail investors in the crypto market every week leads to a race by the end of the week. The new investors push the bull market higher making the coin reach new and remarkable highs.
Over the past few months, analysts have noted that several record-breaking activities in the crypto market have happened over the weekend. Bitcoin pushed its way from the $55,000s to the $58,000s this weekend before correcting downwards. When BTC value reached the $58,000 peak, the decline began almost immediately.
Bitcoin Loses $70 Billion In A Steep Correction
Reports suggest that the coin lost $70 billion from its market capitalization over the next 12 hours. This was a good reality check for all the market participants who are involved in the bull run. It reminded them that though the asset has surged by 93% this year, it is yet to reach stability. Several investors continue to worry that the bloated bull of the Bitcoin market might break down any day, however, that seems unlikely to the majority.
Not only BTC, ETH (Ethereum) also faced a similar fortune over the weekend. The digital coin reached a new peak of $2,000 for the first time but a steep correction began soon afterward. The value of ETH was pulled back to $1,800 approximately immediately after it saw a peak of $2,000, according to the recent reports posted by Nomics.