The total market cap of cryptocurrency markets fell from $1.77 trillion to $1.65 trillion, as over $120 billion left markets overnight.
What Happened: The market-leading cryptocurrency Bitcoin (CRYPTO: BTC) also saw its market cap fall under $1 trillion as its price fell to a low of $52,262 earlier today.
As the market-wide correction deepened, Filecoin (CRYPTO:CFIL) and BitTorrent (CRYPTO: BTT) were the only large-cap coins that recorded some positive price action.
Filecoin, which is a decentralized storage system blockchain, announced an integration with decentralized oracle solution Chainlink (LINK) to connect it with Ethereum and other smart contract compatible blockchains.
FIL was up 12% in the past 24-hours, reaching a high of $94.62 – a level only seen after the token was launched in October 2020.
Bit Torrent Token (BTT) also recorded an overnight gain of 4.5%, continuing its weekly rally that saw the token gain 110% in seven days. At the time of writing, BTT was trading at $0.003387.
The project said on Twitter that the number of BTT miners on the network had grown exponentially over the past few days to reach a new all-time high.
Why It Matters: Most coins recording losses overnight instilled fear across crypto markets, leading to many market participants’ panic selling. Some traders, however, viewed the correction as healthy and said that it would give rise to another leg up.
According to one crypto trader, as long as the overall crypto market cap remained above a critical support level of $1.5 trillion, the outcome would still be bullish.
See more from Benzinga
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.