Bitcoin Falls Below $100K as Crypto Market Sees Major Losses

The cryptocurrency market has experienced a sharp decline, with major tokens and the overall market capitalization taking a hit over the past 24 hours.

Bitcoin, the leading cryptocurrency, fell 5.75%, trading at $98,980, with a total market capitalization of $1.977 trillion and a daily trading volume of $40.6 billion. Ethereum followed suit with a steeper 6.9% drop, valued at $3,115, and its market cap shrinking to $375.3 billion.

The 1-day TradingView analysis doesn’t back up neither a major bullish or bearish sentiment as the summary and moving averages show “neutral” at 10 and 1, respectively, while oscillators point to “sell” at 2.

Among altcoins, Solana suffered the most, dropping 11.4% to $229.13, with a market cap of $111.4 billion and $6.1 billion in daily trading activity. Overall, the cryptocurrency market shed 5.7% of its value, reducing the total market capitalization to $3.41 trillion.

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The biggest individual loser was Fartcoin, which plummeted 24.5% in the past day to $0.97. This token also saw a dramatic 50% decline over the past week, with its market cap standing at $971 million and an impressive $300 million in trading volume.

Additionally, the market’s downturn triggered significant liquidations, with $630.32 million worth of positions closed in the last 24 hours. Of this, $584.83 million were long positions, reflecting traders’ misplaced optimism, while $45.4 million were in shorts. This wave of liquidations underscores the heightened volatility and risk across the crypto sector.

Alexander Stefanov