The cryptocurrency market is currently in a downturn, with Bitcoin nearing the US$60 mark and a general decline in altcoins. The situation is characterized by lower than usual trading volume.
Bitcoin, the leading cryptocurrency in the market, is currently trading at $60,900 with no gains in the last 24 hours, bringing its total losses to about 5% for the week.
In addition to Bitcoin, large-cap altcoins are also experiencing modest declines. Ethereum (ETH) dropped to a low of around $3,360 throughout the day, while Binance Coin (BNB) and Solana (SOL) saw decreases of nearly 2% each. TON, on the other hand, saw a 1% increase, reaching US$7.61.
Lido DAO (LDO) saw one of the steepest declines, with a 15% decrease in its price. Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) also faced losses, dropping 1.3% each. PepeCoin (PEPE) is hovering around $0.00001164 and experienced a 6% drop in the last 24 hours.
On a positive note, the Quant token (QNT) surprised with an 8% increase in the day, followed by dogwifhat (WIF), which grew by 7%.
This bearish scenario is primarily attributed to the market’s liquidation, which reached a value of US$100 million in the last 24 hours, with Bitcoin contributing US$37 million of this amount.
In summary, the bitcoin price is making an attempt at a recovery wave above the $64,000 level. If BTC can maintain a level above $62,500, it could potentially rise and recover to around $70,000.
Disclaimer: The views and opinions expressed by the author or anyone mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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