Cryptocurrency Market Update

The cryptocurrency market is currently experiencing a significant downturn, with numerous altcoins see painful declines over the past day and hours.

Bitcoin

Bitcoin’s situation is not much better. Despite increasing dominance, the asset has plunged to a two-week low, dropping below $94,000 just moments ago.

Solana

Solana has shown particularly poor performance recently, losing ground to BNB. It is down 8% in the past 24 hours and over 18% for the week. Compared to its January high, Solana has shed about 40% of its value and is now trading below $170, matching early November levels.

Cardano

Cardano’s native token has also faced severe losses, dropping over 6% to below $0.75 in the last day.

Chainlink and Avalanche

Chainlink and Avalanche have also suffered losses, declining up to 8%. Chainlink’s price is now $17.5, while Avalanche sits at $23.2.

Ripple

Ripple’s cross-border token performed well last week but failed to maintain its momentum, joining the downward trend with a 5% daily decrease to just over $2.5.

Ethereum

Ethereum was rejected at the $2,800 mark earlier this week and is now struggling to stay above $2,600.

Litecoin

One of the few exceptions is Litecoin, which has posted a 3% increase, bringing its price up to $125.

Bitcoin’s Movements

Bitcoin continues to disappoint, having been halted just below $97,000 earlier today before dropping to under $94,000, marking its lowest price since the early February crash below $92,000.

Market Impact

According to CoinGlass, the total value of wrecked positions has reached $330 million in a day, with over 140,000 traders liquidated in the same timeframe. The largest single order was recorded on Binance, worth $7.58 million.