As a seasoned crypto investor with several years of experience in this market, I’ve seen my fair share of volatility and price swings. However, the recent decline in the cryptocurrency market has left me feeling a sense of unease. The total capitalization dropping below $2.6 trillion is a stark reminder of the risks involved in investing in this asset class.
The cryptocurrency market is in a downturn after last week’s crash, causing the total market value to dip beneath $2.6 trillion due to substantial losses for Bitcoin and the majority of alternative coins.
Bitcoin’s Price Plummets Toward $67K
Currently, Bitcoin is priced at approximately $67,500 across major exchanges, representing a drop of nearly 3% or around $300 from its previous price of $67,800 on Binance within the last 24 hours.
According to Coinglass, a widely-used analytics tool, approximately $170 million worth of positions were liquidated in the previous 24 hours. The majority of these liquidations involved long positions, with over 92% of all open positions being longs across major derivatives exchanges. Binance holds the largest share of total liquidations with around $65 million, while OKX and Huobi rank second and third respectively.
Some Altcoins Have It Worse
I’ve noticed a significant disparity in the price movements between large-cap altcoins and Bitcoin recently. For instance, Solana (SOL) has dropped by 3.6%, Shiba Inu (SHIB) by the same percentage, Ethereum (ETH) by 3.7%, PEPE by 3.8%, TON by 3%, and Binance Coin (BNB) by a more substantial 5%. These declines are steeper compared to Bitcoin’s current dip, making for an intriguing market dynamic.
According to a recent report by CryptoPotato, there’s been a significant downturn for meme coins as well. Notable coins such as PEOPLE, PONKE, BRETT, DOGE, FLOKI, and SHIB are all experiencing losses.
As a crypto investor, I find myself pondering whether this current market downturn represents a brief correction or an extended trend into the summer season.
As a crypto investor, I’m excited to share that Injective (INJ) has been my top performer today, with a impressive 10% price increase. This surge can be attributed to the positive news that broke a few days back about enhanced tokenomics for INJ.
Among the top 100 cryptocurrencies, Notcoin (NOT), which is built on the TON blockchain, experienced the greatest drop over the past day. Specifically, NOT declined by approximately 14.7%. Additionally, Wormhole and BRETT saw declines of around 11.6% and 9.4%, respectively.
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2024-06-11 12:06