With the start of the week witnessing a decline in the cryptocurrency market, the leading cryptocurrency Bitcoin (BTC) dropped below the $25,500 level yesterday evening. Most of the altcoins in the crypto market have experienced losses in the past 24 hours and declined to critical price levels.
The leading cryptocurrency Bitcoin (BTC) briefly fell below the $25,500 level yesterday evening, despite surpassing $25,800 levels earlier in the day. Most of the altcoins in the crypto market have accelerated their losses since the beginning of the week.
Ethereum (ETH) declined below the $1,600 support level it has been testing for weeks, following its recent losses. The total market value of the crypto ecosystem retreated to $1.03 trillion, according to CoinMarketCap (CMC) data.
Cardano (ADA), which has experienced a strong downward momentum in recent times, approached its lowest price levels in the past year. XRP also declined below $0.5 levels and started trading at $0.48 levels.
This downward trend in the crypto market has caused many cryptocurrencies to lose value significantly during the day. Arbitrum (ARB), Klaytn (KLAY), Conflux (sCFX), and Quant (QNT) were among the top cryptocurrencies in terms of percentage decline in the past 24 hours among the top 100 cryptocurrencies by market capitalization, according to CMC data.
On the other hand, some cryptocurrencies continued to rise amid the market decline. Trust Wallet Token (TWT), Optimism (OP), and Astar (ASTR) were among the top gainers in the past 24 hours among the top 100 cryptocurrencies by market capitalization, according to CMC data.
Furthermore, there has been a significant increase in volatility in the crypto market. According to Coinglass data, the crypto market witnessed the liquidation of an average of $185 million worth of short and long positions in the past 24 hours.