After Bitcoin (BTC) scaled above $10,000 the mood among market participants turned hugely bullish. Daily talks of the asset making new highs blanketed crypto Twitter and this bullish sentiment also rubbed off on altcoins which picked up momentum and rallied sharply in the past few days. As the week approached a close it was clear that the crypto market was looking overheated in the short-term as greed gripped the market participants.
Such a situation usually results in a sharp pullback that scares the weak hands away. Led by Bitcoin, the crypto markets have slipped sharply in the past two days. The total crypto market capitalization that had surged to over $308 billion on Feb. 15 dropped to about $274 billion on Feb. 17. This shows profit booking by the short-term traders.
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