Altcoins
Bitcoin Slides Toward $60,000 As Altcoins Bleed (Weekend Watch)
Cryptocurrency markets are declining today on relatively low trading volumes. Bitcoin is sliding towards $60K and most altcoins are slowly losing value.
Total market capitalization fell to $2.37 trillion.
Bitcoin Price Slides Towards $60,000
Bitcoin price traded down 1.3% over the past 24 hours, bringing total losses to around 6% for the week.
At the time of writing, the leading cryptocurrency is sliding towards $60,000 as trading volume is relatively low.
In the last 24 hours there have been liquidations for a total value of 100 million dollars, with BTC in the lead (as almost always) with 37 million dollars.
Altcoins are dying
Many of the large-cap altcoins are also seeing small declines. For example, ETH fell by 1.8% on the day, BNB – 1.6%, SOL – 2.5%, TON – 1.7% and so on.
Others saw more significant declines, such as UNI, which saw a 6% decline.
Source: Quantifying Encryption
Meme coins, an interesting category in the cryptocurrency market, have also seen similar losses. The cohort as a whole is down more than 3% in the past 24 hours, with DOGE and SHIB down 1.3%.
PEPE fell 5.2%, while BON fell 3%.
Overall, the worst performer today was Lido’s LDO governance token, which lost 15%. Ethena’s ENA is down 9.2%, followed by Starknet’s STRK, down 6.4%.
On the opposite end of the spectrum, the best performer is Quant’s QNT token, which is up 10% on the day. Arweave’s AR is second best, up 4%.
That said, overall trading volumes have fallen to around $67 billion over the past day, which is to be expected given it is the weekend. However, it is interesting to see how this relatively narrow range will resolve and whether the bulls will take a stand or whether the correction will deepen.
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