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The leading cryptocurrency Bitcoin (BTC) started trading at $29,400, experiencing a 1% drop in the past 24 hours. The crypto market has seen a decline after the rise it recorded at the beginning of the week. XRP, which has lost approximately 3.5% in the last 24 hours, started trading at $0.63.
Bitcoin (BTC) Slides Below $30,000
After weeks of sideways price movements, the leading cryptocurrency Bitcoin (BTC) surpassed the $30,000 price level on Tuesday but fell below that mark in the morning hours. Most altcoins recorded losses during the day, influenced by the decline in BTC.
Ethereum (ETH) started trading at $1850 after its recent loss in value. The total market value of the crypto ecosystem declined to $1.17 trillion according to CoinMarketCap (CMC) data.
Cryptocurrency Market in Decline
Following Bitcoin’s decline below the $30,000 level, the cryptocurrency market experienced another decline. As a result of the market trend, XRP recorded a loss of approximately 3.5% and dropped to $0.63.
Optimism (OP), Hedera (HBAR), and XRP gained momentum in the downward price movements during the day and ranked high among the top 100 cryptocurrencies with the highest percentage of value loss according to CMC data.
Furthermore, the volatility in the cryptocurrency market decreased compared to Tuesday and Wednesday. According to current data shared by Coinglass, the market saw an average of $45 million worth of short and long positions liquidated in the past 24 hours. Additionally, the total trading volume in the crypto market dropped below $30 billion after a decrease of over 25%.
