The surge of Bitcoin over $100,000 proved temporary; the digital currency fell back under that threshold approximately 24 hours following its record high set the previous day.
Just as anticipated, various altcoins have experienced significant declines, with notable drops in prices for coins such as LINK, DOGE, Avalanche (AVAX), Sui, Shiba Inu (SHIB), and numerous others.
Yesterday, according to CryptoPotato’s report, Bitcoin’s price surpassed the $100,000 mark for the first time in three weeks, following MicroStrategy’s recent acquisition.
In the ensuing hours, the value of the asset continued to rise and reached its highest point during the early hours of Tuesday’s Asian trading day, barely shy of $103,000.
Initially, it managed to maintain its upward trend but eventually began to drop steadily, reaching approximately $102,000 later in the day. Just an hour ago, market control was seized by the bears, leading to a significant loss for the primary cryptocurrency. As a result, its value has plummeted by nearly $5,000 and is now at $97,160 on Bitstamp.
As a crypto investor, I’m finding the current state of altcoins particularly challenging. For instance, Ethereum has dropped by 7% within a day, battling beneath the significant support-turned-resistance level of $3,500. Similarly, XRP and SOL have seen similar declines, plunging to around $2.3 and $210 respectively.
additional declines, originating from cryptocurrencies such as DOGE, SUI, AVAX, LINK, XLM, SHIB, DOT, BCH, PEPE, among others, are causing distress due to their price drops reaching as high as 11%.
Due to increased market volatility, traders who had taken on too much debt have suffered significant losses. In the last 24 hours, more than 130,000 over-leveraged traders have faced hardship. The total value of these forced liquidations in a day’s time amounts to approximately $390 million, and within an hour, it surpassed $200 million.
The single-largest liquidated position took place on Binance and was worth $12 million.
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2025-01-07 19:07