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The leading cryptocurrency Bitcoin (BTC), which surpassed the $26,000 level in the morning hours, fell back to the $25,800 level as the crypto market started to decline again. Most altcoins in the crypto market experienced a decline due to the losses in BTC. Ethereum (ETH), on the other hand, started trading at around $1630 with its recent price movements.
Crypto Market in Decline
The leading cryptocurrency Bitcoin (BTC), although it exceeded the $26,000 level in the morning hours, fell back to the $25,800 level as the crypto market started to decline again. The total market value of the crypto industry retreated to $1.04 trillion, according to CoinMarketCap (CMC) data.
Furthermore, the crypto market started the first day of the week with low volatility. According to Coinglass data, the crypto market saw an average of $30 million worth of short and long position liquidations in the past 24 hours.
With Bitcoin falling below the $26,000 level, most altcoins in the crypto market started to decline again and accelerated their losses. Due to the downward trend in the market, some cryptocurrencies have recorded significant losses since the morning hours.
What’s the Latest on Ethereum (ETH)?
Last week, Ethereum (ETH) rose to around $1740, but it fell again due to the downward trend in the crypto market and quickly dropped below the $1700 level. ETH has lost more than 1% in the past week, showing a relatively lower price performance compared to the leading cryptocurrency BTC.
With the downward trend in the crypto market, ETH has also experienced accelerated losses. In the past 24 hours, it started trading at around $1630, recording an average loss of 0.5%. Additionally, after the recent losses, ETH’s total market value fell below $200 billion, according to CMC data.
