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Crypto Price Today: The cryptocurrency market experienced a sharp decline today, extending losses from the weekend and into Monday evening. Bitcoin led the downturn, with its price falling to $96,824.23, registering a 2.63% dip over the last 24 hours. This drop rippled across altcoins, leaving Ethereum, Ripple (XRP), Solana, and others in the red. According to CoinGlass, over $750 million in leveraged derivatives positions were liquidated, predominantly from bullish bets. The overall market sentiment appeared bearish, as evidenced by significant price corrections across major cryptocurrencies.
Bitcoin continues to dominate the cryptocurrency market despite its latest correction. Trading at $96,824.23, Bitcoin saw a 2.63% decline over the last day. Weekly gains, however, stand at 0.95%, showcasing resilience amid volatile market conditions. The recent price surge above $97,000 had briefly bolstered optimism, fueled by its recognition as "digital gold" by the U.S. Treasury.
Despite the decline, Bitcoin’s market cap remains robust at $1.89 trillion. The 24-hour trading volume reached $113 billion, indicating sustained interest in the asset. Analysts are watching closely for signs of consolidation near the $94,000-$97,000 range.
Ethereum saw a significant drop, trading at $3,707.01 after a 5.93% decrease in the last 24 hours. Weekly performance shows a 1.62% increase, reflecting Ethereum’s ability to recover from short-term corrections. Market cap currently stands at $446 billion, with $64 billion traded in the past day.
Ethereum's decline follows strong performance earlier in the month, bolstered by increasing activity in decentralized finance (DeFi) and non-fungible token (NFT) sectors. Technical indicators suggest resistance at $3,800, while support may form near $3,500 if selling pressure persists.
XRP experienced one of the steepest drops among major cryptocurrencies, falling 11.91% in the last 24 hours to trade at $2.18. This follows a week of volatility, with the token losing 19.27% over the past seven days. The market cap for XRP currently stands at $122 billion, while $21 billion was traded in the past 24 hours.
Recent optimism surrounding Ripple's resolution of its legal battle with the SEC had pushed XRP to a six-year high of $2.90. However, the current downturn reflects broader market weakness and profit-taking by investors.
Solana’s price fell 6.94% in the last day, trading at $216.41. Over the past week, Solana has seen a 4.91% decline. The blockchain platform, known for its high-speed transactions and low fees, has a market cap of $102 billion, with $9 billion in trading volume over the last 24 hours.
Solana’s ecosystem continues to grow, with increased adoption in decentralized applications (DApps) and non-fungible tokens (NFTs). The current price correction may present opportunities for long-term investors as the network remains a favorite among developers.
Other major cryptocurrencies also saw notable declines, with bearish sentiment dominating the market:
Polkadot (DOT): Trading at $8.51 after a 16.05% drop in the past day. Weekly losses are at 14.75%.
Shiba Inu (SHIB): Fell 15.07% in the last 24 hours, trading at $0.00002659.
Decentraland (MANA): Experienced a 19% drop, trading at $0.5808.
Axie Infinity (AXS): Declined 18.79% to $7.33.
Altcoins continue to exhibit higher volatility compared to Bitcoin and Ethereum, making them more susceptible to broader market sell-offs.
The global cryptocurrency market cap stands at $3.40 trillion, reflecting a 6.64% dip in the last 24 hours. The trading volume across exchanges surged due to heightened selling pressure and liquidations, with bearish momentum gaining strength.
Bitcoin’s market dominance remains steady at 56.5%, while Ethereum holds 13.1% of the market share. Altcoins, including XRP and Solana, contribute significantly to the remaining market cap but face greater fluctuations.
Over $750 million in leveraged derivatives positions were liquidated in the past 24 hours. This wave of liquidations was primarily concentrated in long positions, signaling that overly optimistic bets on price increases were punished during the downturn. The liquidation data underscores the importance of risk management in highly volatile markets.
While most cryptocurrencies faced losses, a few assets managed to post gains:
Movement (MOVE): Gained 58.29%, trading at $1.05.
Ethena (ENA): Slight increase of 0.30%, trading at $0.9781.
Popcat (POPCAT): Dropped 23.68%, trading at $1.16.
Axie Infinity (AXS): Fell 18.79% to $7.33.
The Sandbox (SAND): Down 18.58%, trading at $0.712.
The sharp declines among top losers highlight the vulnerability of smaller cryptocurrencies to market-wide bearish trends.
The cryptocurrency market remains under pressure as profit-taking and liquidations contribute to declining prices. Bitcoin’s resilience near $96,000 and Ethereum’s strong network fundamentals suggest that the market could stabilize in the near term. However, heightened volatility and macroeconomic uncertainties continue to pose risks.
Altcoins, while offering higher potential returns, also face greater vulnerabilities during downturns. Investors are advised to exercise caution, particularly in light of recent liquidations and bearish momentum.
Today’s cryptocurrency market reflects the dynamic and often unpredictable nature of digital assets. Bitcoin’s recognition as "digital gold" highlights its enduring appeal, even as prices face short-term corrections. Ethereum, Ripple, Solana, and other major cryptocurrencies remain pivotal to the market’s future, with their performance closely tied to technological advancements and market sentiment.
The market’s correction emphasizes the importance of strategic planning and risk management for traders and investors. As the market navigates these challenges, long-term opportunities in blockchain technology and digital finance continue to inspire confidence in the potential of cryptocurrencies.
