The past 24 hours saw the broader cryptocurrency market lose around $120 billion of its total capitalization, which is currently sitting at roughly $2.63 trillion.
This comes on the back of notable declines from the majority of coins, including Bitcoin, Ethereum, Solana, and others.
Bitcoin lost around $3,000 throughout the past day following a sudden crash earlier this morning. The price went from almost $70K to $67K in minutes, triggering a wave of liquidations.
As CryptoPotato reported, the total number of liquidations surpassed $500 million in the past 24 hours, where the majority of them were long positions, as expected. Nevertheless, many analysts remain positive that this is a healthy retrace to less leveraged levels.
It’s also worth noting that this month, the Bitcoin halving is scheduled to take place. It will reduce the supply of new bitcoins in half. This has been historically bullish for the BTC price.
The altcoin market is entirely painted in red today, and most of the coins had it worse than Bitcoin. Ethereum, for example, lost 5%, Cardano (ADA) is down 5.3%, Avalanche (AVAX) – lost 8%, and so forth.
Meme coins are also retracing considerably. Dogecoin lost some 9% in the past 24 hours, Shiba Inu (SHIB) – lost about 6.4% – these are the meme coin market leaders in terms of total capitalization. Dogwifhat (WIF) – the Solana-based meme sensation – is down 15.3%, while PEPE lost around 12%.
It’s interesting to see if the meme coins will come back swinging, as they tend to do in the past few weeks.
It’s not all doom and gloom, however. Core (CORE) is up a whopping 23.3% in the past day, followed by Bittensor’s TAO, which is up 10.6%. These are the two top performers for today.
WIF, on the other hand, is the worst performer, followed by Bitcoin SV (BSV), which is down 12.4%, according to data from CoinGecko.
