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The leading cryptocurrency Bitcoin (BTC) has been experiencing a strong downward momentum since last Friday, recording a loss of over 11% in the past week. BTC started the day with downward price movements and is now trading at around $25,800 after its recent value losses.
Current Status of Bitcoin (BTC)
Bitcoin (BTC), the leading cryptocurrency, witnessed one of the most significant drops in recent times last Friday. Within hours, Bitcoin dropped to around $25,400 from its starting point of $28,000.
Although it started to recover after the drop, Bitcoin (BTC) was rejected at $26,200 and has since been consolidating between $25,500 and $26,200. BTC started the day with a further decline and is now trading at around $25,800, recording an average loss of 0.8% in the last 24 hours.
Cryptocurrency Market in Decline
The cryptocurrency market has experienced a strong downward trend since last Friday, following the value losses in Bitcoin. With Bitcoin losing over 10% in the past week, most altcoins in the cryptocurrency market have also recorded double-digit losses. According to CoinMarketCap (CMC) data, the total market value of the crypto industry has dropped to $1.04 trillion.
Furthermore, there has been a significant increase in volatility in the cryptocurrency market compared to previous weeks. According to Coinglass, there has been an average of $115 million worth of short and long positions liquidated in the past 24 hours.
Maker (MKR), Immutable (IMX), THORChain (RUNE), Hedera (HBAR), and Compound (COMP) have been among the top 100 cryptocurrencies with the highest percentage of value loss in the past 24 hours, following their recent drops. On the other hand, despite the value loss in BTC and the decline in the cryptocurrency market, there have been cryptocurrencies that continued to rise and stand out from the market. dYdX (DYDX), NEAR Protocol (NEAR), Sui (SUI), WOO Network (WOO), and Casper (CSPR) have been among the top 100 cryptocurrencies with the highest percentage of value increase, according to CMC data.
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