The Cryptocurrency Market Update: What Happened in the Last 24 Hours?
Over the past day, the cryptocurrency market has experienced a significant downturn, with a total capitalization loss of about $120 billion. Currently, the market sits at around $2.63 trillion, reflecting notable declines in various cryptocurrencies like Bitcoin, Ethereum, and Solana.
Bitcoin’s Price Plunge Below $67K
Bitcoin faced a sharp decline of approximately $3,000 in the last 24 hours, stemming from a sudden crash earlier today. Within minutes, the price plummeted from nearly $70K to $67K, leading to a series of liquidations across the market.
- The total liquidations exceeded $500 million in the past day, with most being long positions
- Analysts view this retracement as a healthy move to reduce leverage levels
- The upcoming Bitcoin halving, scheduled this month, is expected to positively impact BTC’s price due to a reduction in new bitcoin supply
Altcoins Under Pressure
The altcoin sector witnessed a sea of red, with most coins experiencing more significant losses compared to Bitcoin. For instance:
- Ethereum dropped by 5%
- Cardano (ADA) decreased by 5.3%
- Avalanche (AVAX) tumbled by 8%
Even meme coins saw significant retracement:
- Dogecoin lost 9% in the past day
- Shiba Inu (SHIB) declined by 6.4%
- Dogwifhat (WIF) saw a 15.3% decrease
Nonetheless, there were some positive outliers:
- Core (CORE) surged by an impressive 23.3%
- Bittensor’s TAO rose by 10.6%
On the flip side, certain cryptocurrencies faced notable losses, with WIF and Bitcoin SV (BSV) down by 12.4%, according to CoinGecko data.
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