As a seasoned crypto investor with a few years of experience under my belt, I’ve seen my fair share of market volatility. However, the past 24 hours have been particularly disheartening, with most coins trading significantly in the red. The sudden plunge of Bitcoin below $61K and the substantial losses incurred by altcoins have left me feeling a bit uneasy.
The last day hasn’t been kind to the cryptocurrency market; most coins are currently trading at a loss.
The price of Bitcoin dipped beneath $61,000, and most alternative cryptocurrencies experienced significant declines as well. Let’s delve deeper into this trend.
Bitcoin Price Crashes Suddenly
As a market analyst, I observed that Bitcoin’s price remained stable during the week without showing significant upward or downward trends. It hovered around the $63,000 mark, displaying a steady yet unremarkable performance.
Yesterday marked a significant shift as the value of the cryptocurrency dropped dramatically, approaching the $60K threshold.
Over the past 24 hours, approximately $200 million in volatile positions were liquidated, which appeared to be instigated by a remark made by a Fed Representative.
At a recent conference in New Orleans, Lorie Logan, the president of the Dallas Federal Reserve, advised against considering “potential rate reductions” just yet.
It would be helpful if some of the doubts surrounding our current course could be clarified. We must also keep an open mind and be prepared to adapt as needed.
The market didn’t take this well, and all the charts are painted in red.
Altcoins Bleed Out Heavily
Trading at $60,800 at the time of this writing, BTC’s price is down 3.5% in the past 24 hours.
If that sounds bad, don’t look at the following heatmap.
The value of Ethereum decreased by 4.1 percent, Solana dropped by 6 percent, and Dot experienced a nearly 6 percent decrease as well. This trend is consistent with several other cryptocurrencies including Bitcoin Cash, Avalanche, and Uniswap.
Market analysts keep a close eye on the current price stability, unsure if it signals the end of bearish trends or the approach of further price drops.
Among the coins, Theta Network (THETA) and Thorchain (RUNE) experienced significant losses over the last 24 hours, with Theta Network dropping by approximately 10.8% and Thorchain losing around 9.2%.
Instead of “On the other hand, Cheelee (CHEEL) and Akash Network (AKT) were able to limit the damage, rising by approximately 3% during the same timeframe,” you could also say “Despite the negative impact on the market, Cheelee (CHEEL) and Akash Network (AKT) managed to gain around 3% during the same period.”
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2024-05-11 13:24