Altcoins
Bitcoin plummets towards $67,000, but the situation is worse for these coins (Market Watch)
The cryptocurrency market continues to decline after the collapse at the end of last week. The total capitalization was pushed below $2.6 trillion due to significant losses in Bitcoin and most altcoins.
The price of Bitcoin collapses towards $67,000
At the time of writing, BTC is trading at around $67,500, having plummeted to around $67,200 on Binance. The move paints a 2.7% decline over the past 24 hours.
Data from popular analytics resource Coinglass shows that total liquidations in the past 24 hours amounted to around $170 million. Most of them, predictably, are long positions. In fact, over 92% of all positions on major derivatives platforms are long. In the lead is Binance with around $65 million in total liquidations, followed by OKX and Huobi.
Some Altcoins fared worse
Many large-cap altcoins are seeing steeper declines than Bitcoin. As seen in the chart below, SOL is down 3.6%, SHIB is down 3.6%, ETH – 3.7%, PEPE – 3.8%, TON – 3%, BNB – 5% and so on.
As CryptoPotato previously reported, meme coins are also going through a bloodbath. Coins like PEOPLE, PONKE, BRETT, DOGE, FLOKI, SHIB and others all trade well in the red.
It is interesting to see if this is a short-term correction or if the decline will continue for the remainder of the summer months.
Meanwhile, today’s top performer is Injective (INJ), which is up 10%. This follows the announcement of improved tokenomics a few days ago.
The popular TON-based meme coin, Notcoin (NOT), is the one that has fallen the most among the top 100. NOT has fallen by 14.7% in the last 24 hours. Wormhole and BRETT follow with declines of 11.6% and 9.4% respectively.
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Cryptocurrency charts from TradingView.