The cryptocurrency market has taken a u-turn in the past couple of days as prices tumble across the board. Most assets are trading well in the red, with BTC crashing below $44K.
The past few days haven’t been particularly rewarding for cryptocurrency holders as the prices have dipped across the board.
Bitcoin even reached a daily low of $42,727 on Binance before bouncing a bit and recovering above the $43,000 mark, where it’s currently trading around $43.5K.
With this in mind, the cryptocurrency has lost a total of 7.5% in the week, albeit the majority of this came in the past two days.
It’s also worth noting that the past 24 hours alone saw almost $100 million worth of liquidated BTC positions where, naturally, the majority are longs, representing over 82% of the total liquidations according to data from Coinglass.
The overwhelming majority of altcoins are trading well in the red, as seen in the below heatmap. This has resulted in a considerable loss of market capitalization across the board as the total market shed some $90 billion in the past 24 hours.
As evident, Ethereum lost almost 4%, LUNA – over 6.5%, Solana shed 7.2%, AVAX – 6%, DOT – 6%, and so forth in the past day.
There are, of course, some exceptions, albeit very inconsiderable. MINA is up 4%, and Enjin (ENJ) is up almost 2% in the past 24 hours – these are the most considerable gainers.
On the other hand of the spectrum, we have HEART, that’s down 13.2%, followed by CELO – down 12.7%. These are the coins that lost the most.
All in all, the cryptocurrency correction is seemingly getting deeper, and it’s important for the market to find a support to prevent further losses.
