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Analysts say Bitcoin price drop to $30K was ‘healthy and necessary’ – Cointelegraph

The total cryptocurrency market cap fell by more than $200 billion as Bitcoin price dropped to $30,229 and altcoins correctly sharply.

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The euphoria in the cryptocurrency market was quelled on Jan.11 as the majority of altcoins saw their prices decline by more than 20% as Bitcoin price sold off sharply. 
After falling below the $40,000 support level on Jan. 10, selling pressure for Bitcoin (BTC) increased overnight and pushed the price of the top cryptocurrency as low as $30,229 before a soft support level was reached.
The rapid decline in price led to more than $2.7 billion worth of futures contracts being liquidated and the long…

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