The leading cryptocurrency Bitcoin (BTC) surpassed the $28,000 price levels within hours after Grayscale won its SEC case on Tuesday. However, it experienced a decline again during the week and retreated to $27,200 price levels. The crypto market started the day with a decline, influenced by the depreciation of BTC. Solana (SOL), which lost nearly 4% in the last 24 hours, was among the leading cryptocurrencies that led the market decline among high market cap cryptocurrencies.
Bitcoin (BTC) Starts the Day with a Decline
Grayscale’s victory in the SEC case caused a strong rally in the cryptocurrency market on Tuesday. The leading cryptocurrency Bitcoin (BTC) briefly surpassed the $28,000 price levels with the value increases it recorded within hours after the announcement of the Grayscale news.
However, the cryptocurrency market, which rose with the Grayscale news, declined again during the week and Bitcoin, the leading cryptocurrency, started the day with a decline. BTC, which recorded an average loss of 0.7% in the last 24 hours, started trading at $27,200 price levels.
What is the Current Situation in the Crypto Market?
Ethereum (ETH), which lost an average of 0.7% in the last 24 hours, fell to $1700 levels. Most high market cap cryptocurrencies started the day with a decline as BTC dropped to $27,200 levels and accelerated the value losses throughout the day. Solana (SOL), which lost nearly 4% in the last 24 hours, fell to $20.73 levels and became the cryptocurrency with the highest percentage of value loss among the top 10 cryptocurrencies with the highest market cap. On the other hand, Dogecoin (DOGE), which continues its rise despite the decline in the cryptocurrency market, recorded a low-rate increase of 1.2% and stood out positively from the market.
The total market cap of the cryptocurrency ecosystem also dropped to $1.08 trillion according to CoinMarketCap (CMC) data after the recent declines. Volatility in the cryptocurrency market showed a significant decrease compared to Tuesday. According to Coinglass data, the cryptocurrency market saw approximately $30 million worth of short and long positions liquidated in the last 24 hours.
