- The cryptocurrency market had a stellar run through January, with Bitcoin, Ethereum, Dogecoin all reaching new all-time highs.
- Good times don’t last forever, as a brief price correction happened within the last seven days, which caused a majority of the coins to experience a price slump.
- During the price correction, currencies such as Binance Coin, Cardano, Dogecoin, Solana, and Nem all proved resilient.
- The brief correction saw the market capitalization of the whole cryptocurrency market drop by over 7%.
Cryptocurrencies enjoyed a bullish trend in early 2021, with major coins reaching their all-time highs within this time frame. Bitcoin reached an all-time high of $58,354, and Ethereum reached a high of $2,036.55, while Dogecoin soared in value by over 1,000% to reach 0.087158.
The tide turned, and the market experienced a downward trend, with several coins losing as much as 30% of their market value. Despite falling prices, some coins have proven resilient and gone through the price correction relatively unscathed.
5 Coins Proved Tremendous Resistance During The Correction
It is no mean fact for a coin to survive a bearish trend without losing a lot in its value. It is even more impressive when it is Altcoin. During the blip, Binance Coin proved to be the most resilient of all the major coins.
Before the blip, Binance had already reached its all-time high, trading at $333.13 on the 19th of February. This was nearly 160% from its former price.
After the dip, Binance Coin remained in a bullish trend with steady gains every day. According to the latest standings, Binance coin gained 52.17% in the last seven days and over 18.47 in the previous 24 hours.
Cardano hodlers and traders had little to worry about because Cardono only dipped a little with around 2% and quickly turned the tide around and made steady incremental gains to finish the price correction at $1.05.
The fifth-largest coin by market cap remained bullish, with a 16% increase throughout the last week and a daily average of 4%.
2021 was proving to be Dogecoin’s year after cryptic tweets from Elon Musk sent the coin in a frenzy in which it gained over 1000% to reach an all-time high of $0.078844 in early February. However, things began to fall apart, and Dogecoin experienced a massive fall in price.
Against all odds, Dogecoin held its own during the price correction and made significant gains during a bearish market. Currently trading at $0.05720, it rose by over 20% during the price correction to the utter surprise of skeptics who had predicted even lower prices for it.
On The Flip Side
- Bitcoin loses over $7,000 of its market value and barely trades over the $50,000 mark.
- Ethereum down by a whopping 14.09% in the last 7 days, a far cry from its impressive price rally a week ago
Solana was gaining over 100% during the latest price correction. Analysts figured that the reason for the resistance is due to the launch of the Raydium for the Solana Blockchain. The buzz around the launch made the 18th most valuable coin trade at $17.53 at the end of the price correction.
NEM also experienced a strong price rally during the last price correction, gaining 40% in the last 7 days. The reason for this resilience amid a dip was the rise in the market value of Symbol Airdrop, which is intricately connected with the NEM coin.