Bitcoin Cash, Litecoin (LTC/USD), and Ethereum (ETH/USD) price have declined by over 20 percent over the past 24 hours, as the entire cryptocurrency market experienced a major correction, Cryptocoins News reported.
Bitcoin Cash declined to the $1,200 region for the first time since November 12, while the price of Ether has dropped below $400 after surging to nearly $500 in the past week.
The price of Litecoin decreased from $103 to $79, demonstrating a 23 percent decline within a 12-hour span.
Financial analyst, investor, and RT host Max Keiser stated, the price of most leading cryptocurrencies including Bitcoin endures a major correction. According to him, the prices will then peak to a new all-time high, and stabilizes in the previous all-time high.
Several analysts including Willy Woo of WooBull noted that the drop or the correction could have been much larger, given the exponential growth of leading cryptocurrencies like Ethereum, Bitcoin Cash, Bitcoin (EXANTE: Bitcoin) , and Litecoin over the past few months.
Aalysts say major price corrections allow the market to stabilize and prepare for stronger rallies in the mid-term. Price corrections enable cryptocurrencies to establish healthier uptrends and the market to become more stable in the short to mid-term.