As prices plummet across the board, the cryptocurrency market has made a dramatic turn in the last few days. BTC has fallen below $44K and most assets are trading in the red.
Bitcoin Prices Drop Below $44K
As cryptocurrency prices have fallen across the board, the past few days haven’t been very rewarding for holders.
Bitcoin fell to $42,727 per day on Binance. It rebounded a bit before reaching $43,000 and is currently trading at $43.5K.
This means that the cryptocurrency lost 7.5% over the week. However, most of it occurred in the last two days.
It is also worth noting the fact that there were almost $100 million worth worth of BTC positions liquidated in the last 24 hours. The majority of these positions are longs. This represents over 82% according to Coinglass data.
ltcoins painted red
As you can see in the heatmap below, the vast majority of altcoins trade in the red. As a result, the market has lost a significant amount of capital. The total market has shed $90 billion over the last 24 hours.
Source: Quantify Crypto
It is evident that Ethereum lost nearly 4%, LUNA – over 6.5%, Solana lost 7.2%, AVAX – 6%, DOT – 6% and so on in the last day.
There are exceptions, but they are not significant. MINA has risen 4% and Enjin (ENJ), almost 2% over the last 24 hours. These are the biggest gainers.
On the opposite side of the spectrum we have CELO, which is down 12.7%, and HEART, which is down 13.2%. These are the coins which lost the most.
Overall, the cryptocurrency correction seems to be getting worse, and it’s crucial for the market find support to stop further losses.
Marla Brooks – Financial Analysis
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