Cryptocurrency Market Bleeding, Total Market Cap Drops Below $2.5 Trillion
The cryptocurrency market has been bleeding in the past 24 hours, with the total market value plummeting to below $2.5 trillion, a 5% drop in a single day.
Earlier, significant drops were seen in Bitcoin, Ethereum, Binance Coin, Solana, and almost the entire market.
Bitcoin Plunges to $57,000
At the time of writing, the price of Bitcoin is around $57,700, a drop of over 5% in the past 24 hours, and a relatively flat week.
Source: TradingView
As seen in the chart, BTC has been gradually declining since reaching a peak of over $63,500 on Monday (July 1). Bulls failed to sustain buying pressure, allowing sellers to step in and push the price down to its current level.
Notably, recent moves have resulted in liquidation positions worth over $300 million, with the majority being long positions.
But it’s not just a tough day for Bitcoin.
Altcoins Crash, Solana Loses Over 8% Daily
The cryptocurrency heat map is completely painted red, with no exceptions in the past 24 hours.
Source: Quantitative Crypto
The worst-performing is Solana, with its price dropping by around 8%. Others in this category include LINK (-8.5%), SHIB (-8.6%), PEPE (-11%), and more.
It’s worth noting that the situation is even worse for meme coins compared to other cryptocurrencies, with double-digit drops in major meme coins affecting the entire submarket.
Overall, as of writing, the cryptocurrency market continues to collapse, and it’ll be interesting to see how low the bears can push the price. Currently, all eyes are on the critical support at $56,000 for BTC, so let’s see if it can hold.