As a seasoned crypto investor who has weathered many market storms, I must admit this latest dip has given me a sense of deja vu. The volatility we are experiencing today is reminiscent of the rollercoaster rides we’ve been on before. However, I’ve learned to keep my cool and remember that these dips often present excellent buying opportunities.
Over the last day, Bitcoin‘s value experienced a significant downward shift, dipping to a nine-day low of approximately $58,000.
It appears that many alternative cryptocurrencies (altcoins) have experienced significant losses. Notable drops are seen in Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Chainlink (LINK), Avalanche (AVAX), Shiba Inu (SHIB), and others. The combined worth of liquidated assets surpasses $300 million.
On Monday morning, CryptoPotato noted that Bitcoin’s price briefly touched $65,000 before falling back to $64,000. The start of Tuesday saw reduced volatility, but later in the day, the value of Bitcoin dipped further to $63,000.
In the last 12 hours or so, the bears have been particularly active, causing a significant drop in BTC‘s value which fell to $58,100 on Bitstamp – the lowest it’s been since August 19.
Although Bitcoin’s current price stands at $59,500 following a bounce, it has dropped by 6% in value for today, and its market capitalization has decreased significantly from $1.240 trillion to $1.170 trillion.
It appears that the alternative cryptocurrencies are experiencing a more pronounced decline. Ethereum has fallen by more than 8% and is currently battling to stay above $2,500. Similarly, SOL, DOGE, AVAX, SHIB, BCH, DOT, and LINK have all seen losses of up to 8%.
It’s clear that many cryptocurrencies like MATIC, SUI, FET, TAO, and PEPE have experienced significant price drops by double digits. In fact, the overall crypto market value has lost over $100 billion every day.
In the last day, extreme market volatility has resulted in approximately 90,000 over-extended traders having their positions liquidated, with a combined value surpassing $320 million. The biggest single transaction, worth over $12.5 million, occurred on Binance.
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2024-08-28 08:52