Market cap down my $16B within 5 mins

[Qcrypto]

This app refreshes prices every 5 minutes. You can see that in the last 5 minutes, total Market Capitalization dropped by $16Billion
It's the highest price drop in such a short time that I have seen so far.

Is it correction time?

PS. and another $8 Billion while I'm making this post

[20kevin20]

You're looking at the total mcap of ALL cryptos, not just BTC. There have been worse drops before, especially post hacks (I think even at the beginning of 2020 with the virus), if you take the % into account rather than the money.. although I guess there've been bigger drops in fiat value as well before.

The market can't stand up forever. It needs a moment to breathe every now and then.

[MarcusGates]

I'm watching it on Binance. Sudden price drop, followed by a quick recovery. Could go both ways

[teosanru]

I think you don't know the formulae of Market Cap: It's Price x Total Supply of coins. While the total supply doesn't change that quickly in bitcoin and other currencies which means only the price remains the main variable that changes market cap so whenever there will be a drop in price the market cap would drop correspondingly and the same is the case when the price of bitcoin increases. Market cap doesn't really signify anything in the context of future price movement. It's better to look at the volume which shows that how many are actually trading their coins currently in the market this can be correlated with a price to predict future movements.

[dunfida]

This app refreshes prices every 5 minutes. You can see that in the last 5 minutes, total Market Capitalization dropped by $16Billion
It's the highest price drop in such a short time that I have seen so far.
Is it correction time?
PS. and another $8 Billion while I'm making this post

Dont get surprised yet these numbers are just typical ones.If you are just still new into this market then better get used to it because if you been on here for a while
then these kind of drops wont really be shocking thing anymore.The market is moving and its normal to have those kind of drops in a short span of time.
Thing here is that you do know on what to do into your investment plans and goals. Dont mind much on what those numbers do tell.
As long you do make profit then that what matter most.

[Baofeng]

Its probably that many longs got liquidated that fast in Binance or any other big exchanges. Correction? As far as I can see bitcoin reaches another all time high at $36k, so if there is a correction, it must be very shallow as investors are just in the stand by ready to buy bitcoin at the dip. Numbers doesn't lie.

[tabas]

Correction time? no. Bitcoin got its $36k welcome so that's not a correction. It is a sign that we're not stopping with the bullish. And if there will be billions wiping out in the market, that's always normal to see because of the whales taking their positions for their gains.
Suddenly, after moving the market a bit, they'll turn back to buy at a little lower price which will make the market recover again.