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The crypto market has experienced another drop as the leading cryptocurrency Bitcoin fell to $29,000. The decline below $29,100 for BTC has caused most altcoins to suffer losses, with some cryptocurrencies recording double-digit losses.
What is the Current Situation in the Crypto Market?
The crypto market has fallen again as Bitcoin dropped to $29,000. Ethereum (ETH) also started trading at around $1820 after its recent losses. Many altcoins have experienced losses in recent days, leading to a decrease in the total market capitalization of the crypto ecosystem, which is now at $1.15 trillion according to CoinMarketCap (CMC) data.
Furthermore, several cryptocurrencies have recorded double-digit losses due to the downward trend in the market. Terra Classic (LUNA) experienced a loss of over 12% in the past 24 hours, making it the cryptocurrency with the highest percentage loss among the top 100 cryptocurrencies by market capitalization.
Could These Altcoins Be in Danger?
Terra Classic (LUNC), the 2.0 version of LUNA, which has been losing value for months since TerraUSD lost its stability of $1, has experienced a strong downward momentum. It has dropped by over 12% in the past 24 hours, reaching $0.000068. With these losses, LUNC has become the cryptocurrency with the highest percentage loss among the top 100 cryptocurrencies by market capitalization.
In addition to LUNC, ApeCoin, Conflux (CFX), and Compound (COMP) have also suffered double-digit losses during the day, influenced by the decline in Bitcoin. Pepe (PEPE), which had a bullish momentum last week, also experienced a loss of nearly 10% and started trading at $0.0000012.
