The cryptocurrency market has taken a u-turn in the past couple of days as prices tumble across the board. Most assets are trading well in the red, with BTC crashing below $44K.
Bitcoin Price Drops Below $44,000
The past few days have not been particularly rewarding for cryptocurrency holders, as prices have fallen across the board.
Bitcoin even reached a daily low of $42,727 on Binance before bouncing a bit and recovering above the $43,000 mark, where it’s currently trading around $43.5K.
With that in mind, the cryptocurrency lost a total of 7.5% over the week, although the majority of those losses occurred in the past two days.
It’s also worth noting that the past 24 hours alone saw almost $100 million worth of liquidated BTC positions where, naturally, the majority are longs, representing over 82% of the total liquidations according to data from Coinglass.
Altcoins painted red
The overwhelming majority of altcoins are trading well in the red, as shown in the heatmap below. This has led to a huge loss in market capitalization across the board, with the total market losing some $90 billion in the past 24 hours.
As evident, Ethereum lost almost 4%, LUNA – over 6.5%, Solana shed 7.2%, AVAX – 6%, DOT – 6%, and so forth in the past day.
There are of course some exceptions, albeit very minor ones. MINA is up 4% and Enjin (ENJ) is up almost 2% in the last 24 hours – these are the most considerable gainers.
On the other hand of the spectrum, we have HEART, that’s down 13.2%, followed by CELO – down 12.7%. These are the coins that lost the most.
Overall, the cryptocurrency correction appears to be deepening and it is important for the market to find support to avoid further losses.
