Exciting days pass by Bitcoin, and it is reminiscent of its ability to fluctuate and rise and fall in thousands of dollars in a short time.
Bitcoin, and the rest of the cryptocurrency market, have gone through a crisis over the past 24 hours.
Bitcoin price fell to its lowest level since January at $ 30,000, but recovered $ 10,000 in less than a day.
Altcoins also suffered as Ethereum fell below $ 2,000 and BNB below $ 300.
There are no dull days in the crypto market, as confirmed by the past 24 hours, as Bitcoin has led the market wildly.
Bitcoin is currently trading at $ 40,000, after it was already suffering after the negative news from Tesla and China.
In the past hours, the situation worsened quickly and within minutes, as the bitcoin price fell by nearly $ 10,000 in one of the steepest corrections yet.
The base cryptocurrency fell to its lowest price since late January at $ 30,000.
After this massive drop, the bulls took over and recovered almost all of the losses, with Bitcoin trading around $ 40,000 at the time of this writing.
Naturally, these enhanced volatility took a heavy toll on traders as liquidations exceeded $ 8 billion over a 24-hour period.
Some reports indicated that the over-leveraged positions were responsible for the decline.
Despite the fairly rapid recovery, “CryptoQuant” CEO believes more pain will come in the short term.
He pointed out that the whale dumping index reached its highest level during the year since the big sale in March of last year, meaning that the big headlines continue to deposit bitcoin on trading platforms.
On the positive side, Bitcoin regained some of its market dominance gains, which came back to 44%. Just a few days ago, dominance fell to its lowest level in 3 years under 40%.
Alternative digital currencies hit by Bitcoin decline:
While the Bitcoin drop was quite massive, the altcoin pain was and still is worse.
Ethereum led the opposite trend as it slipped from $ 3,500 to a daily low of under $ 1,900.
Then it bounces close to $ 3000, currently the price is almost stable at $ 2,700.
With the same movement, the BNB currency moved, after its price was higher than $ 500 yesterday, and its price fell to $ 280.
To regain some of its value, it is currently trading at $ 371.
Almost all of the alternative digital currencies have fallen, with the decline of Bitcoin and the large alternative digital currencies.
In the end, the market value of cryptocurrencies lost $ 600 billion per day and the market value fell to $ 1.450 trillion.
To gradually recover, it is currently valued at $ 1.7 trillion.