Red numbers dominate: The crypto market starts the day with a correction

Red numbers dominate: The crypto market starts the day with a correction, with prices falling five to more than 10 percent.

The crypto market corrects slightly down at the April 2, 2024 opening. Bitcoin loses about four percent, while Ethereum losing nearly five percent.

Other altcoins are being hit harder, with double-digit losses, such as Litecoin and Jupiter.

Memecoins are suffering particularly badly, with almost all of them losing more than ten percent. The entire sector is shrinking by ten percent in market capitalization.

Over the weekend, however, memecoins experienced an extreme rally, especially Dogwifhat, which is up nearly 100 percent, surpassing Pepe and now has a market capitalization of $3.5 billion, making it the most valuable Solana memecoin.

The long-term outlook remains positive. Bitcoin halving is expected within two weeks, which could trigger an upward price rally.

The halving reduces the number of new bitcoins generated by mining, which reduces the supply.

Predictions for Bitcoin in 2024 range from $40,000 to $250,000.

Overall, the market capitalization of crypto has been on an upward trend for months, approaching its previous all-time high of 2021, about $2.5 trillion. The market is currently at a similar level.

Repeated corrections of five to 15 percent per day in the crypto market are considered normal.

The most valuable cryptocurrency currently trades for $66,000, with a market capitalization of $1.3 trillion.