The cryptocurrency market, influenced by a significant value loss in the leading cryptocurrency Bitcoin, has entered another downtrend. Bitcoin (BTC) has begun trading around $26,450 after experiencing a considerable loss in value within the last 24 hours. Accelerated by the bearish market trend, the majority of cryptocurrencies have recorded faster value losses since the morning hours.
What’s the Latest in the Cryptocurrency Market?
Bitcoin (BTC), the leading cryptocurrency, has started trading around $26,450 following a considerable loss in value since the morning hours. The cryptocurrency market has slid back into a decline, largely affected by the losses in the leading cryptocurrency. Ethereum (ETH) began trading around $1845 after losing nearly 1% in value, while the total market value of the crypto ecosystem, according to CoinMarketCap (CMC) data, has dwindled down to approximately 1.1 trillion dollars.
Meanwhile, the market volatility remained relatively low throughout the day, following an initial surge at the beginning of the week. According to the latest data shared by Coinglass, an average of $75 million worth of short and long positions were liquidated over the past 24 hours.
Loss Exceeds 15%
The cryptocurrency market began the day with a decline, largely due to the value losses in the leading cryptocurrency, Bitcoin. Most altcoins in the cryptocurrency market recorded various rates of value losses since the morning hours. There were even cryptocurrencies that recorded double-digit value losses during the day. Kava (KAVA), which had left its mark on the market with its increases at the beginning of the week, started the day with a decline and caught a strong downtrend.
In the last 24 hours, Kava (KAVA) recorded a value loss of over 15%, dipping below 1 dollar and began trading around $0.97. Following its recent losses, KAVA, according to CMC data, has become the cryptocurrency with the highest rate of value loss among the top 100 cryptocurrencies by market value within the last 24 hours.
