Altcoins lose value as crypto market loses $ 100 billion in capitalization
Bitcoin and the altcoin market have shown the deceleration of the recovery rally by losing from 2.5 to 5% of the previous growth. While the reversal should not be considered critical, it could still bring unpleasant results to the market at the end of the year.
MATIC ATH inversion
As the majority of tokens or coins reverse after hitting local highs, Polygon’s Matic reverses after hitting its new ATH of $ 2.90. The reversal then appeared after the asset touched the $ 2.92 area. Currently, the asset is trading at $ 2.60 after testing the $ 2.50 support.
Even after a short-term correction, Matic still remains in the uptrend that has been forming since the middle of December. The trendline’s support is currently sitting at $2.50.
The Shiba Inu rally stops
Unfortunately for its investors, the Shiba Inu recovery rally lost its initial momentum, falling 8.3% from the local high. Prior to the reversal, the memes-based token’s weekly profit remained at 30%.
The only condition on which the rally would be considered recovered is a breakout above the $0.0000395 zone and trading of the asset above $0.00004.
Bitcoin’s Sudden Retracement
The majority of investors expected a true “Santa Claus rally” after Bitcoin showed two price spikes causing prices to rise 12% in less than a week. But unfortunately for the crypto market, over $ 100 billion has been taken out of various digital assets, resulting in a slight retracement of the majority of altcoins and Bitcoin itself.
Some traders and experts from the community assumed that the sudden correction might happen close to New Year’s Eve, when the majority of market participants historically cash out a portion of their funds.
