After reaching a historic exchange price of more than $56,000 earlier this month, Bitcoin experienced a major slide on February 23 as traders exited their market positions and rushed to claim their profits. It only took a couple of days for Bitcoin to lose more than $10,000 in value; the high selling volume became a concern for cryptocurrency advocates who believe that $50,000 is an adequate resistance level for the world's leading digital currency token, thus prompting them to swoop in and push value closer to $49K.
The Bitcoin bullish streak that has unfolded over the last few months boosted various cryptocurrency markets, particularly of tokens that do not usually make news headlines, but the opposite happens whenever we see a Bitcoin selloff. The digital currencies markets march to the beat of BTC/USD, and this is why it is not surprising to learn that many competing and alternative tokens have lost more than 10% of their respective values, and this happened even though there were solid fundamental news updates for some of these cryptocurrencies. Tether, one of the leading stable coins that is pegged to the value of the United States dollar, has settled a lawsuit with the New York Attorney General; this would normally be a reason for investors to accumulate more tokens, but it failed to do so in recent days.
Some of the tokens that sustained more damage include CRO, which is a relatively newcomer to the market. By the time Bitcoin had bounced back from its 11% selloff, CRO had lost 33%. A similar situation was observed in Venus, a token developed for the purpose of managing the Binance Smart Chain exchange platform.
Other tokens were able to ride the Bitcoin rebound wave. Solana was one of the few that has actually posted gains over the last few days. Fantom was another alternative token that has moved away from the red into the black in recent days. Seasoned traders and market analysts are not worried about the significant Bitcoin pullback and its repercurssions on
Seasoned investors are not worried about this recent pullback; in fact, they see it as a sign that traders are actively engaged and willing to ride a market correction.