Over the past 24 hours, the crypto market has continued to crash even more with Bitcoin dipping to a monthly low of $55,650 in the early hours of Friday. The last time Bitcoin dropped this low was Oct. 13 after which it began a bullish run to $69k in November.

The crypto market correction continues to run high with altcoins also recording significant drops including ETH, XRP, SHIB among others.

Over the past 24 hours Bitcoin has dropped by 6.7% but has recovered slightly to trade at $56,220, however, it has been trending steadily downwards since the beginning of this week.


Analyst unconcerned about Bitcoin’s downward movement

Many analysts who commented on the continued price drop Bitcoin has been experiencing over the week said were not too concerned over the movement. Rather they concluded it was a time to buy the dip.

CNBC host and crypto trader Ran Neuner commented on the fall below $56K attributing leveraged positions to the current declines.

“I wish this market would just drop to $53000 so we could get all the leverage out and move on… this slow road down isn’t working!”

Dylan LeClair another analyst said he has been keeping an eye on exchange balances which he claims has always been healthy.

“The financial landscape was irreversibly changed during the response to COVID, and bitcoin has been adopted by an increasing number of people, institutions, and even governments accordingly.”

Altcoins not spared, bloodbath in alts market

As Bitcoin suffered, altcoins followed. Top altcoins bleeder heavily over the past 24 hours with ETH dumping 5 percent a fall to just over $4,000.

Other major losers today include Solana (SOL) dropping 8%, Ripple (XRP) dumping 7%, and Shiba Inu (SHIB), shedding 10.5% on the day.

However, two altcoins among the top 50 which are in the green are metaverse-based Decentraland (MANA) which is up 20%, and Sandbox (SAND), adding 13%.

Ultimately, the entire crypto market has dumped by 6 percent with its value pegged at $2.59 trillion.