Bitcoin Hits 13-Day Low as Altcoins Suffer
The cryptocurrency market is currently experiencing a downturn, with Bitcoin’s price dropping to a 13-day low of under $64,500. The altcoins are also in bad shape, and the total liquidations have exceeded $400 million on a daily basis.
Bitcoin’s Recent Price Movement
- After reaching an all-time high (ATH) of $69,000 in 2021, Bitcoin experienced a significant drop and fell by about $10,000 in just a few hours.
- However, in the following week, Bitcoin rebounded and surged above $70,000, reaching a fresh peak of nearly $74,000 on March 14.
- Unfortunately, Bitcoin has been unable to maintain its momentum since then. It dropped by over $8,000 on Friday and failed to surpass the $70,000 mark over the weekend.
- In the past 24 hours, Bitcoin’s price fell to $64,400 for the first time since March 6.
Altcoins Suffering Alongside Bitcoin
- Ethereum (ETH) has also experienced a decline and is currently trading below $3,400.
- SOL, which recently surpassed Binance Coin (BNB) as the fourth-largest cryptocurrency, has dropped by 9% and now sits at $185. BNB itself has lost 8% of its value and is trading below $530.
- Meme coins DOGE and SHIB have both seen a 13% drop in value. DOGE is now priced at $0.13, while SHIB is at $0.000025.
Liquidations and Losses
- Over 175,000 traders have been liquidated in the past day due to the market downturn.
- The total value of these liquidated positions exceeds $400 million, with long positions accounting for the majority of losses.
Hot Take: Bitcoin’s Price Downturn and Its Impact on Altcoins
The recent decline in Bitcoin’s price has had a significant impact on the overall cryptocurrency market. Altcoins, including Ethereum and meme coins like DOGE and SHIB, have also suffered losses. This downturn has resulted in a large number of traders being liquidated and significant financial losses.
It remains to be seen whether Bitcoin and altcoins will be able to recover from this current slump or if further declines are on the horizon. Traders and investors should closely monitor the market and consider their risk tolerance before making any decisions.
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