Crypto Market Continues to Struggle – Bitcoin Briefly Dips to $90,000

As the new week starts, the cryptocurrency market continues to bleed with all tokens in CoinMarketCap's top 100 are in the red.

Bitcoin briefly dipped to $90,300 today, signaling a prevailing bearish sentiment in the crypto market.

Despite the drop, BTC managed to regain some of the losses as it is trading for $91,500 at the time of writing, after a 3.4% decline in the past 24 hours and $44.8 billion in trading volume.

In the past 7 days BTC’s value dropped 8% and the number one token’s market cap reached $1.8 trillion.

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Ethereum also experienced significant selling preassure, with the price declining 5.6% in the past 24 hours to $3,070 and almost 16% on the weekly chart. The top altcoin’s 24-hour volume hit $23 billion.

The two biggest losers during this period were Virtualss Protocol (VIRTUALS) and ai16z (AI16Z). VIRTUALS’s price dropped 15% in the past 24 hours and 43.25% in a week to $2.34 ($1.5 billion market cap).

AI16Z on the other hand experiend a 13.4% decrease in value in the past day, but lost over 51% in the past 7 days. Currently the trending altcoin is priced at $0.98 with $1.07 billion market cap.

The total crypto market cap lost 4.56% and is currently valued at $3.15 trillion, with the 24-hour trading volume surging 70% to $117.76 billion.

We also witnessed $536.84 million in liquidations, according to data from CoinGlass – $461.43 million in short positions and $75.44 million in longs.

Alexander Stefanov