As a seasoned analyst with a decade of trading under my belt, I’ve seen market volatility like this before – it’s a rollercoaster ride that never fails to keep me on my toes! The recent nosedive in Bitcoin and altcoins was a stark reminder of the unpredictable nature of this space.
On Monday evening, Bitcoin experienced a harsh rejection when attempting to break through the six-digit threshold, causing it to plummet towards $94,000.
Despite a few attempts to regain footing, many alternative cryptocurrencies experienced steep declines, resulting in multiple coins losing over ten percent of their value.
BTC’s Nosedive
Yesterday morning, as reported by CryptoPotato, Bitcoin (BTC) moved away from the $100,000 mark following a surge over $101,000 on Sunday. However, within hours, BTC briefly entered the six-digit zone, only to quickly retreat from this level.
Despite MicroStrategy’s recent significant Bitcoin acquisition, the digital currency experienced a steep decline in value, falling approximately $6,000 within hours. This drop brought the price close to $94,000, a level not seen since last week’s market crash due to excessive leverage.
Despite the initial dip, the asset quickly rebounded and is currently above $97,000. This extreme price fluctuation has been detrimental to over-leveraged traders, with an estimated 500,000 of them facing losses daily. As per CoinGlass, the total value of positions liquidated amounts to approximately $1.6 billion.
Currently, the total value of Bitcoin (BTC) stands at approximately $1.930 trillion. A positive aspect is that its control over alternative cryptocurrencies (alts) has increased significantly, reaching around 53%, due to many alts experiencing significant setbacks.
Alts in Red
It’s worth noting that several alternative coins (alts) dropped more significantly than Bitcoin, despite briefly recovering from their low points on Monday evening. Some of the hardest-hit coins on a daily basis are BRETT (-14%), WIF (-13%), WLD (-13%), EOS (-12.5%), GALA (-12.3%), SAND (-12%), and TAO (-12%).
As a researcher analyzing the crypto market, I’ve noticed that prominent altcoins such as Ethereum (ETH), Solana (SOL), Binance Coin (BNB) have seen a dip of approximately 3-4%. Interestingly, XRP took a significant hit and fell below $2 during the crash. Despite currently hovering at $2.2, it’s essential to note that this represents a 7% decrease compared to its previous day’s value.
Many others experienced significant drops in value during the previous day, however, these are the ones most likely to recover more swiftly, as suggested by Santiment.
Initially, the combined value of all cryptocurrencies surged to approximately $3.9 trillion, but it swiftly dropped below $3.6 trillion. Eventually, it stabilized slightly above that figure. Consequently, the daily loss amounts to roughly $300 billion.
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2024-12-10 13:02