The cryptocurrency markets are experiencing a downward trend today, with Bitcoin falling towards $60K and most altcoins witnessing slow declines. The total market capitalization has dropped to $2.37 trillion, reflecting a bearish sentiment across the board.
Bitcoin’s price has decreased by 1.3% in the last 24 hours, pushing its weekly losses to around 6%. The leading cryptocurrency is approaching the $60K mark, with trading volumes remaining relatively low. Liquidations worth $100 million were recorded in the past day, with BTC accounting for $37M of that total.
Several large-cap altcoins are also facing minor losses, with Ethereum (ETH) down by 1.8%, Binance Coin (BNB) by 1.6%, Solana (SOL) by 2.5%, and others following suit. Some altcoins like UNI have seen more significant declines, with a 6% drop in value. Meme coins, known for their volatility, have also witnessed similar losses, with DOGE and SHIB declining by 1.3%.
In the midst of the market downturn, some cryptocurrencies have managed to outperform the rest. Quant’s QNT token saw a 10% increase in value, making it the best performer of the day. Arweave’s AR token followed with a 4% gain. On the flip side, Lido’s LDO governance token suffered a 15% loss, making it the worst performer. Ethena’s ENA and Starknet’s STRK also saw declines of 9.2% and 6.4% respectively.
Overall, trading volumes in the cryptocurrency market have decreased to approximately $67 billion over the past day, a common occurrence during weekends. The market is currently in a tight range, with uncertainty surrounding the potential direction it may take. Traders are eager to see whether the bulls will step in to support the prices or if a deeper correction is on the horizon.
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