The leading cryptocurrency Bitcoin (BTC) started the week with a decline, dropping below the $30,000 price level. In the early hours of the day, Bitcoin accelerated its losses and fell to $29,100. According to CoinMarketCap (CMC), the total market value of the cryptocurrency ecosystem dropped to $1.17 trillion. Solana (SOL), Bitcoin Cash (BCH), and XRP lost more than 4% of their value in the past 24 hours.
Bitcoin’s Current Situation
Although the XRP ruling in the Ripple case caused a strong rally in the cryptocurrency market in mid-July, the leading cryptocurrency Bitcoin (BTC) couldn’t sustain the upward momentum. After reaching the $31,500 level, it started to decline again, causing losses at the beginning of the week.
Bitcoin, the leading cryptocurrency, continued its downward price movements in the early hours of the day and lost nearly 2% of its value in the past 24 hours. After its recent losses, BTC started trading at $29,100.
Crypto Market in Decline
With the decline in BTC, the cryptocurrency market has shown a strong downward trend since the beginning of the week. Many high-market-cap cryptocurrencies have experienced significant losses. Solana (SOL), Bitcoin Cash (BCH), and XRP lost more than 4% of their value in the past 24 hours.
Due to this downward momentum, Ethereum (ETH) started the day with a decline and began trading at $1,850 after its recent losses. The total market value of the cryptocurrency ecosystem dropped to $1.17 trillion.
Volatility in the cryptocurrency market also increased in the early hours of the day. According to Coinglass data, approximately $130 million worth of short and long positions were liquidated in the past 24 hours.
Top Performing Cryptocurrencies of the Day
Due to the downward trend in the cryptocurrency market, some cryptocurrencies recorded significant losses during the day. Pepe coin (PEPE), Compound (COMP), Conflux (CFX), The Graph (GRT), and Aptos (APT) were among the cryptocurrencies with the highest market capitalization that experienced the highest percentage of losses in the past 24 hours, according to CMC data.
On the other hand, despite the downward trend in the cryptocurrency market, some cryptocurrencies stood out with positive performance and continued to rise. Maker (MKR), Trust Wallet Token (TWT), and Dogecoin (DOGE) were among the cryptocurrencies with the highest market capitalization that experienced the highest percentage of gains in the past 24 hours, according to CMC data.
