The morning of December 4 was also shaky especially for Turkish crypto money investors. While the Bitcoin price fell from $52,000 to $42,000 in less than an hour, the Turkish Lira fell to 16.82 against the dollar. Turkish investors have largely turned to Tether (USDT) to avoid the fall, in the correction that brought the total market cap to 2.2 trillion and Bitcoin market cap below $1 trillion. Apart from Bitcoin, large-volume altcoins experience losses of up to 30%.
Those who escaped Bitcoin (BTC) took shelter in USDT
In particular, the 1inch Network (1INCH) price was at the top of the red board with a 30% intraday loss. DEX platform, cryptocoin.com As we reported, on December 1, Gemini Frontier raised $175 million in funding from crypto-related companies such as Amber Group and Alameda Research. At the time of writing, the table of the losers of the most altcoins is as follows.
The fix is thought to be due to several reasons. It can be grouped under the following headings:
- The first is the concern caused by the Omicron variant
- Excess BTC sent to be sold on exchanges
Apart from Bitcoin, all of the top 10 altcoin projects breached critical support levels without a fight. Ethereum dropped below $4,000, Avalanche (AVAX) $100, Solana (SOL) $200, Binance Coin (BNB) $550. Among those that have survived the correction are altcoins associated with stablecoins. However, the price of FTT, the native token of the FTX exchange, was among the least damaged, down 13%. He manages to keep his intraday loss at 16% in Shiba Inu.
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