Bitcoin Declined Below $26,000: What's Happening in the Cryptocurrency Market? - COINTURK NEWS
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Bitcoin Declined Below $26,000: What’s Happening in the Cryptocurrency Market?

10:55 pm (207 days ago)
May 12, 2023

Bitcoin (BTC), the leading cryptocurrency that has been bleeding rapidly in recent days, has fallen below the $26,000 level at the time of writing. The total market capitalization of the cryptocurrency ecosystem fell to $1.1 trillion according to CoinMarketCap (CMC) data, while Ethereum (ETH) started trading at $1760 after the recent declines.

Bitcoin Slows to Below $26,000

The cryptocurrency market has lost significant blood in recent days with the declines it has recorded since the beginning of the week. Bitcoin (BTC), the leading cryptocurrency, which fell below many critical support levels in this process, lost more than 3% in the last 24 hours and fell to $ 25,800.

Ethereum (ETH) also started trading at $ 1760 after the recent declines, while the total market capitalization of the cryptocurrency ecosystem fell to $ 1.1 trillion.

Cryptocurrency Market in Decline

In addition, according to the data shared by Coinglass, with the increase in volatility in the cryptocurrency market in the last 24 hours, over $ 100 million in short and long positions were liquidated.

With the effect of the depreciation in Bitcoin, most cryptocurrencies also recorded depreciation at various rates. Following their recent declines, Toncoin (TON), Conflux (CFX), Huobi Token (HT) and PancakeSwap (CAKE) were among the 100 cryptocurrencies with the highest market capitalization according to CMC data, losing the highest rates in the last 24 hours.

On the other hand, despite this downward trend in the market, XRP, Cardano (ADA) and Solana (SOL) recorded low value increases during the day and positively differentiated among the cryptocurrencies with high market capitalization.

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