The current correction in the cryptocurrency market and the drop of Bitcoin’s BTC from $ 52,500 – $ 53,000 hurt the prices of the alternative digital currencies.
Ethereum fell below $ 1,600, then resumed in the past few hours to $ 1613.
Most of the other alternative digital currencies were also affected by the current decline in the bitcoin price.
Alternative digital currencies swim in a red sea:
A few days ago, the alternative digital currency market looked healthy, with many of them making good gains, such as the digital currency “THETA”.
The Ethereum currency, despite the negative hike in gas fees, managed to rise above the level of $ 1700, and even reached the level of $ 1740.
But the situation has completely changed over the past 24 hours.
The sudden drop in prices led to the evaporation of $ 200 of the value of Ethereum, as the currency fell to its lowest level in the last 24 hours at $ 1,550.
Despite recovering some value, Ethereum is still far from the highs recorded earlier.
The rest of the altcoins are dominated by red.
Binance fell 6.5% and Cardano 3%
The Bolcadot coin is down 13% to below $ 31, the ripple is down 10% to below $ 0.55, and the UNI is down 12%.
In total, the total market value saw a loss of $ 125 billion in one day, as the total value of the crypto market at the time of publication of this article is estimated at $ 1.65 trillion.
Bitcoin losing more than $ 5,000:
After Elon Musk announced the news of supporting Tesla to buy its electric cars in Bitcoin, the price of Bitcoin interacted and rose to the level of 57 thousand dollars, but it was not able to continue to rise and its direction was reversed down to the level of 52 thousand dollars, a decrease equivalent to almost $ 5,000 in 24 hours Last.
What is more striking is the drop in the total value of Bitcoin to below $ 1 trillion, as the total market value of Bitcoin is estimated at $ 988 billion.
According to Bybt data, the massive volatility has caused liquidations of more than $ 2 billion across the market since yesterday.
In the past 12 hours, the liquidation amounted to more than $ 1.6 billion.