The leading cryptocurrency, Bitcoin (BTC), gained momentum in the morning hours, leading to a downward price movement. Within the past 24 hours, it has lost over 1.5% and dropped below the $29,000 price levels. As the market started the day with a decline, several cryptocurrencies also experienced double-digit losses. The total market capitalization of the crypto ecosystem has dropped to $1.17 trillion, according to CoinMarketCap (CMC).
Current Status of Bitcoin
Bitcoin (BTC), the leading cryptocurrency, gained downward momentum in the morning hours and recorded a loss of over 1.5% within the past 24 hours, dropping to the $29,000 price levels. In addition to the price decline, there has been an increase of approximately 25% in the total trading volume of BTC within the past 24 hours. The market dominance of the leading cryptocurrency, according to CMC data, is at 48.2%.
Cryptocurrency Market in Decline
With Bitcoin’s accelerated losses in the morning hours, most altcoins in the cryptocurrency market started the day with a decline. Ethereum (ETH) recorded a loss of nearly 1.8% within the past 24 hours, dropping to $1830. XRP, Dogecoin (DOGE), Cardano (ADA), and Solana (SOL) also experienced various percentage losses ranging from 1% to 4% during the day. The total market capitalization of the crypto ecosystem has dropped to $1.17 trillion.
Furthermore, the volatility in the cryptocurrency market has relatively increased compared to the first day of the week. According to Coinglass data, approximately $100 million worth of short and long positions were liquidated within the past 24 hours.
Top Performing Cryptocurrencies of the Day
With the market starting the day with a decline, several cryptocurrencies experienced significant losses. Compound (COMP), Aave (AAVE), Curve DAO Token (CRV), Optimism (OP), and Stellar (XLM) were among the top percentage losers in terms of market capitalization after their recent declines.
On the other hand, despite the downward trend in the cryptocurrency market, some cryptocurrencies have continued to outperform and experience gains. Stacks (STX), PancakeSwap (CAKE), Trust Wallet Token (TWT), and Sui (SUI) were among the top percentage gainers in terms of market capitalization, thanks to their recent price increases.
