Bitcoin corrects - Memecoins lose sharply

Bitcoin price correction: the leading crypto currency pulls the market down with it. Altcoins lose ground and memecoins plummet.

After last week's explosive bull run, Bitcoin is taking a breather. In the past 24 hours, Bitcoin's price has fallen 2.5 percent. At the time of writing, BTC is trading around $87,962.

The drop in total value caused Bitcoin to lose its position as the seventh largest asset and make way for Saudi Aramco again. By midweek, the "digital gold" had still overtaken the world's most valuable oil company.

Despite the correction, about 99 percent of all BTC investors are still at a profit, according to data from Glassnode. Ethereum also took a hit: on the night of Nov. 14-15, the second-largest cryptocurrency fell more than five percent, bringing it close to the $3,000 mark. Within the top 10 cryptocurrencies, only Cardano (ADA) and XRP were able to avoid the correction.

The biggest losses were seen in memecoins such as DOGE, SHIB, PEPE and WIF, which lost double digits on a daily basis. On a weekly basis, however, they still showed impressive growth. PNUT, a memecoin that raised $2 billion in two weeks, also lost nearly 20 percent.

According to CoinShares analyst Max Shannon, there is no reason to worry about the long-term growth potential. In a comment, he explains: "The market is anticipating a further rate cut, which should give Bitcoin and other risky assets another boost."