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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/top-reasons-why-the-crypto-market-is-down-today-2/">Top Reasons Why The Crypto Market Is Down Today?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>The crypto industry experienced a new high in its market cap for the year 2023 on 24 October, as the industry recorded a massive price pump for seven straight days, following which the crypto market traded sideways for the third consecutive day and recorded a minor correction of roughly 1% in the past day.</p>
<h2 class="wp-block-heading" id="h-why-are-the-top-tokens-losing-value">Why Are The Top Tokens Losing Value?</h2>
<p>The BTC price had displayed a massive price action this month by adding over 16% in its value during the past week and totaling gains of over 30% for this month. Further, Bitcoin price continues to hover around the $34,100 level, with a dip of over 1.5% in value compared to the past day.</p>
<p>The Resistance/Support level at $31,000 plays an important role in the price of Bitcoin as if the star crypto falls below this level, the market may experience a significant trend reversal.</p>
<p>Ethereum price bleeds more as the leader of altcoins has recorded a dip of over 3% within 24 hours. ETH bears have successfully pulled back the price below its key resistance level, resulting in the coin losing its hold over the $1,800 mark.</p>
<p>Polygon Labs launched its POL token on the Ethereum network, which will replace the MATIC gas token in the coming time, following the news, the <a href="https://coinpedia.org/price-prediction/matic-network-matic-price-prediction/" rel="noopener noreferrer nofollow">Polygon price</a> has lost over 5% in value.</p>
<h2 class="wp-block-heading" id="h-possible-explanation-for-the-price-drop">Possible Explanation For The Price Drop:&nbsp;</h2>
<p>One of the possible reasons for the crypto space to record a drop today is that the market is undergoing correction after the rapid growth it has experienced during the past week.</p>
<p>The crypto industry seems to cool from its bullish streak as major altcoins are experiencing corrections in their respective values. The market sentiments to date indicate a bullish sentiment, indicating the possibility of the market experiencing another jump in the coming time.</p>
<p>The crypto industry is on the verge of concluding the month on a positive note and continuing to repeat the historic market sentiments and record the month of October as “Uptober,” as the market has gained significant momentum during the month.</p>

Top Reasons Why The Crypto Market Is Down Today?

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