The cryptocurrency market has seen a downward trend in recent weeks as the leading cryptocurrency Bitcoin dropped to levels as low as $25,400. Many altcoins in the cryptocurrency market have recorded significant losses in the past month due to this downward trend.
Downward Trend Continues in the Market
The cryptocurrency market has experienced a downward trend in recent weeks. The leading cryptocurrency Bitcoin (BTC) dropped to $25,400 during this period. Most altcoins in the cryptocurrency market have suffered high losses during this period.
Ethereum (ETH) started trading at $1625 after its recent losses. The total market value of the cryptocurrency ecosystem dropped to $1.04 trillion, according to CoinMarketCap (CMC).
Bitcoin (BTC) briefly surpassed $26,000 in the early hours of the day but dropped back to $26,000 due to recent losses. BTC started trading at $26,800 with its recent price movements but has not been able to surpass the $26,000 level yet.
Volatility in the cryptocurrency market has also increased again. According to Coinglass data, approximately $90 million worth of short and long positions were liquidated in the cryptocurrency market in the past 24 hours.
Over 30% Value Loss in the Past Month
Due to the downward trend in the cryptocurrency market and the value losses in the leading cryptocurrency Bitcoin, there have been significant value losses in recent weeks. Pepe coin (PEPE) has also experienced a strong downward momentum during this period, recording a value loss of over 30% in the past month.
Pepe coin has lost over 3% in the past week and dropped to $0.00000078 as Bitcoin fell below the $26,000 level again. After these recent losses, Pepe coin ranked among the top 100 cryptocurrencies with the highest market capitalization in terms of percentage value loss in the past month, according to CMC data.
