**Introduction**
Recently, Bitcoin and other major cryptocurrencies have experienced significant volatility, causing considerable impacts on the market. In particular, early this morning, the price of Bitcoin (BTC) dropped to as low as $94,150, marking its recent lowest point. Ethereum also faced setbacks, with its price dipping to $3,509 before recovering. According to data from CoinMarketCap, over the past 24 hours, the total liquidation amount in the cryptocurrency market exceeded $1.7 billion, involving over 560,000 liquidated positions.
**Bitcoin Price Volatility: From Breaking $100,000 to Sudden Decline**
Bitcoin has seen drastic fluctuations recently, briefly surpassing the $100,000 mark yesterday, only to begin declining shortly thereafter. Last night at 11 PM, Bitcoin sharply fell from $100,421 to about $98,000, and by 5 AM today, it plummeted to $94,150, marking a maximum decline of nearly 6.25%. Currently, Bitcoin’s price has slightly rebounded, stabilizing around $97,100, with the 24-hour decline narrowing to approximately 2.96%.
Despite Bitcoin reaching an all-time high of over $100,000, this price range did not persist for long. According to CoinMarketCap data, Bitcoin fell below $97,000 again within just a few hours. Over the past 24 hours, Bitcoin has decreased by about 3%, with the current trading price around $96,880.
**Other Major Cryptocurrencies Suffer Significant Drops**
In addition to Bitcoin, other major cryptocurrencies have not escaped the market’s intense volatility. Ethereum (ETH) experienced a substantial decline during this adjustment, dipping to $3,509 before slightly recovering to $3,709, reflecting a 24-hour drop of about 7.4%. Additionally, Dogecoin (DOGE) and XRP also saw notable declines, dropping approximately 8%, especially after DOGE hit a three-year high of $0.48 and then retreated to $0.428.
XRP, after hitting a seven-year high of $2.82, also experienced a significant pullback, currently priced at $2.38. Nonetheless, XRP has still increased by approximately 333% over the past 30 days. During the same period, Dogecoin rose by 106%, while Bitcoin saw an increase of 27%.
| Currency | Price | 24H Change | 24H Trading Volume | Market Cap | 7-Day Price Trend |
|———-|——-|————|——————-|————|——————–|
| BTC | Bitcoin | $97,044.19 | -2.35% | $116.06 billion | $1920.07 billion |
| ETH | Ethereum | $3,709.37 | -5.84% | $446.42 billion | $4,464.20 billion |
| XRP | XRP | $2.17 | -12.5% | $122.34 billion | $1,223.40 billion |
| DOGE | Dogecoin | $0.40 | -10.95% | $58.77 billion | $130.62 billion |
**Record High Liquidation Amounts**
According to statistics from Coinglass, the liquidation amount in the cryptocurrency market reached an astonishing $1.71 billion in the past 24 hours, with long position liquidations accounting for the majority, approximately $1.55 billion, while short position liquidations totaled $163 million. This liquidation amount has become the second highest in the history of the cryptocurrency market, only behind the record set on September 7, 2021.
During this period of volatility, the total liquidation amount for long and short positions reached $620 million. As the market leader, Bitcoin had a liquidation amount of about $86 million, further exacerbating market uncertainty.
**Conclusion**
Despite the current significant volatility in the market, many investors remain optimistic about the long-term prospects of cryptocurrencies. Bitcoin previously set an all-time high of $103,679 last week, surpassing the $100,000 mark once again, attracting considerable market attention. Currently, although Bitcoin’s price remains high, it has experienced a short-term pullback; however, the long-term potential of the cryptocurrency market should not be overlooked.
Nevertheless, the extreme volatility in the market serves as a reminder for investors to remain vigilant, especially as liquidations continue to occur frequently. Investors need to manage their risks effectively to avoid significant losses in such a volatile market.
Given the current high volatility in the cryptocurrency market, investors should focus on market trends while implementing risk control measures. Although the prices of major cryptocurrencies like Bitcoin and Ethereum have undergone significant adjustments, the long-term prospects for innovation and application in the cryptocurrency space remain promising. For those looking to enter this market, maintaining rationality and caution is crucial.
