As a seasoned analyst with over a decade of experience in the volatile and unpredictable world of cryptocurrencies, I have learned to expect the unexpected. The latest price rejection of Bitcoin at $100,000 and subsequent dump has become another chapter in this rollercoaster ride we call crypto trading.
The recent refusal of Bitcoin’s price to surpass the significant $100,000 level caused a sharp decline, with the value dropping approximately $6,000 within a few hours.
Most altcoins mirrored significant losses, with many of them experiencing double-digit percentage drops. Notable examples include WIF, TIA, FIL, APT, LTC, among others.
Following CryptoPotato’s early market analysis, Bitcoin momentarily surged past $100,000. Yet, this surge was fleeting as the asset quickly dipped back down beneath this mark.
After dropping some substantial amount, it stabilized at approximately $98,000 during the subsequent hours. However, just moments ago, the bears successfully seized full control over the market, causing a significant downturn.
The price of Bitcoin dropped by approximately $4,000 in just an hour or so, reaching a multi-day low of $94,300 on Bitstamp. However, it quickly recovered and currently hovers around $97,000. Yet, the situation remains concerning for traders who have taken on significant leverage.
According to CoinGlass data, the combined worth of positions that have gone wrong over the past 24 hours has skyrocketed to approximately $1.5 billion. Interestingly, within the last hour, this figure nearly reached $900 million. Over the course of the previous day, more than half a million market participants experienced losses.
Over the last day, many altcoins experienced comparable price swings, resulting in significant losses for several digital assets, as previously stated. Interestingly, the most devastating loss was tied to Ethereum, valued at approximately $20 million.
Initially, the combined value of all cryptocurrencies increased to approximately $3.750 trillion, but later dropped below $3.5 trillion. However, by the time of publication, it had regained some strength and was valued at around $3.610 trillion.
Read More
- SUI PREDICTION. SUI cryptocurrency
- Why Sona is the Most Misunderstood Champion in League of Legends
- House Of The Dead 2: Remake Gets Gruesome Trailer And Release Window
- Skull and Bones: Players Demand Nerf for the Overpowered Garuda Ship
- Last Epoch Spellblade Survival Guide: How to Avoid the One-Shot Blues
- The Great ‘Honkai: Star Rail’ Companion Sound Debate: Mute or Not to Mute?
- US Blacklists Tencent Over Alleged Ties With Chinese Military
- Destiny 2: Is Slayer’s Fang Just Another Exotic to Collect Dust?
- Square Enix Boss Would “Love” A Final Fantasy 7 Movie, But Don’t Get Your Hopes Up Just Yet
- Gaming News: Rocksteady Faces Layoffs After Suicide Squad Game Backlash
2024-12-10 00:26