Altcoins
Bitcoin and Altcoins Face Aggressive Liquidations
The current price of Bitcoin The price of Bitcoin is $58,854. This means that the largest cryptocurrency by market capitalization has fallen to its lowest point in two months. This is a very serious development when it comes to the cryptocurrency market. Let’s analyze whether what we are seeing in the Bitcoin market is an isolated incident or a trend visible in the entire cryptocurrency market.
Bitcoin Price Trend: General Overview
Over the past 30 days, Bitcoin has seen a decline of over 14.7%. Over the past 7 days, there has been a drop of over 3.6%, and over the past 24 hours, there has been a decline of nearly 3.6%. At the beginning of July 2024, the price of BTC was around 62,814. Since then, the price of Bitcoin has been steadily weakening, posting three consecutive red candlesticks. The peak of the previous month was around $71,100 and the trough was around $60,100. On the last day of June, the Bitcoin market saw strong buying pressure, pushing the price to a low peak of $62,694. The small body of the candlestick representing July 1 indicated the emergence of strong selling pressure. Although that day, BTC managed to close on a positive note for buyers, in the following days, sellers took control of the market. At present, the price remains at a crucial level: the lowest in the last two months.
Global Cryptocurrency Market Analysis
It is important to know if this is an isolated incident. The best way to understand this is to analyze other major cryptocurrencies. Let’s take the case of Ethereum and Solana. In the last 30 days, Ethereum has seen a drop of over 14.3%. In the last 7 days, the price has seen a drop of 4.7%. A drop of over 4.7% was observed in the last 24 hours. Similarly, Solana has reported a significant drop of over 18.0%. A drop of over 0.6% was recorded in the last 7 days and a drop of up to 9.7% was recorded in the last 24 hours. Things are no different for BNB and XRP.
Impact on Bitcoin Traders and Investors
According to an article published on X by Santiment, many crypto traders bought Bitcoin when it was close to $60,000. They were hoping that the price would go up. Currently, these traders are selling their coins as the price of BTC is going down.
It is assumed that this development could increase the current selling pressure on the Bitcoin market. What do you think? Can this affect the entire cryptocurrency market?
Read also: How Far Can Bitcoin Price Go? A Renowned Analyst Gives His Opinion