The two largest cryptocurrencies in the crypto market, Bitcoin and Ethereum, have been heavily corrected in the past week, losing more than 12% of their value.
On the morning of April 22, the crypto market continued to record a strong dump for top coins, extending the series of days of decline to 8.
Since hitting a new 2023 high at $31,000 on April 14, Bitcoin (BTC) has continuously suffered a sharp correction, with losses of up to $1,000 in value every other day. At press time, one BTC is only trading for around $27,200 after falling from $28,000 during the early morning sell-off.
Thus, in just the past 8 days, Bitcoin has lost up to 12.6% of its value without a clear news, making many people inclined to the possibility that a part of investors decided to take profits soon after the period. The strong growth of the world’s largest cryptocurrency in the first quarter of 2023, as well as a precaution for the period of May, when the crypto market usually plummets.