Cryptocurrency Market Overview
Market Analysis: A Freefall in Prices
The cryptocurrency market is in a freefall state, with numerous altcoins charting painful price declines over the past day and a few hours as well. Despite its dominance increasing, Bitcoin’s landscape is not much better, as the asset plunged to a two-week low of under $94,000 minutes ago.
Bitcoin’s Decline
Bitcoin’s price performance has been disappointing, with the asset being stopped ahead of $97,000 earlier today and pushed south to under $94,000. This became its lowest price position since the early February crash when it plunged below $92,000.
Altcoins’ Performance
Solana’s recent price performance has been particularly underwhelming. The asset, which lost some positioning to BNB, is down by 8% in the past 24 hours and more than 18% on a weekly scale. Moreover, it has shed about 40% of its value compared to the January high and is now down to its early November levels of under $170.
Cardano’s native token has also plunged hard in the past day, losing over 6% of value to under $0.75. Chainlink and Avalanche are deep in the red as well, with losses of up to 8%. Their prices are now down to $17.5 and $23.2, respectively.
Ripple’s cross-border token stole the show last week but has failed to capitalize on its momentum and has joined the pack with a 5% daily drop to just over $2.5. Ethereum was rejected at $2,800 earlier this week and is now fighting to stay above $2,600.
Litecoin’s Exception
Litecoin is among the few exceptions from the larger-cap alts as it has posted a 3% increase, which has driven it to $125.
Liquidations and Market Impact
The total value of wrecked positions is up to $330 million on a daily scale, according to data from CoinGlass. Over 140,000 traders have been liquidated within the same timeframe, and the single-largest order took place on Binance – it was worth $7.58 million.
Conclusion
The cryptocurrency market is currently experiencing a significant downturn, with many altcoins experiencing significant price declines. Bitcoin’s performance has also been disappointing, with the asset reaching a two-week low. As the market continues to fluctuate, it is essential for investors to stay informed and adapt to the changing landscape.
FAQs
Q: What is the current state of the cryptocurrency market?
The market is in a freefall state, with numerous altcoins charting painful price declines over the past day and a few hours.
Q: What is the current price of Bitcoin?
Bitcoin’s price is currently under $94,000, its lowest price position since the early February crash.
Q: Which altcoins are being affected the most?
Solana, Cardano, Chainlink, and Avalanche are among the altcoins experiencing significant price declines.
Q: What is the total value of wrecked positions?
The total value of wrecked positions is up to $330 million on a daily scale, according to data from CoinGlass.
Q: How many traders have been liquidated?
Over 140,000 traders have been liquidated within the same timeframe, and the single-largest order took place on Binance – it was worth $7.58 million.
