RATE Group | Crypto Market Carnage: Altcoins A Sea of Red As Bitcoin Breaks Down
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Crypto Market Carnage: Altcoins A Sea of Red As Bitcoin Breaks Down

22 Nov Crypto Market Carnage: Altcoins A Sea of Red As Bitcoin Breaks Down

Posted at 18:42h in Bitcoin News by

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The crypto market this morning is a sea of red, following a massive breakdown by the leading cryptocurrency by market cap, Bitcoin. The market leader breaking down has led to as much as 10% declines across the board in most altcoins, including Ethereum, EOS, Binance Coin, and many others.

Is this time to buy the blood in the streets, so to speak, or has the crypto market carnage only just begun?

Altcoins Bleed Out As Bitcoin Breaks Through Support

This morning, Bitcoin price broke down from support at $7,400 to quickly dip below $7,000 before bouncing at roughly $6,800 and now trading around $7,150 at the time of this writing. The powerful drop and resulting panic not only caused Bitcoin price to tumble, it caused a dramatic ripple effect across the crypto market.

Related Reading | What Bull Run? Bitcoin Price Blasts Below $7,000

Following Bitcoin’s drop, the number two crypto asset by market cap, Etheruem, has fallen over 10% to low around $135. The third-place cryptocurrency,…

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