- Bitcoin price fluctuations have caused altcoins to extend their price drops
- AVAX (Avax) and ADA (ADAdavex) have lost all their gains from 2024 and are now trading at levels seen last in 2023.
Crypto market fell today, as it tried to overcome the bearish mood of last week. CoinMarketCap’s data shows the total market cap has dropped by 1.63% during the past 24 hour.
Notably, Bitcoin [BTC] After hitting a low of $64.5K for the month, which was not seen since mid-May, led the market crash.
What is the cause of crypto’s downtime today?
In the last 12 hours, BTC spot market outflows totaled over $200 Million.
On the 17th June, investors’ approach of risk-off to the biggest digital asset also was observed in U.S. BTC spot ETFs. Farside Investors dataThe products were responsible for a total loss of $145.9 Million on Monday.
The sentiment that was negative last week has continued into this week.
The market collapse hit altcoins hardest as they extended their price retracement beyond 50%. The drop from $73.7K to $65,000 was approximately 10% less than BTC’s March high.
Memecoins is the official home page of memecoins Solana [SOL] The price of the coin has dropped by about 4% over the last 24 hours. The drop in value was 38% based on the 2024 peak. It traded for $137.
SOL fell below its 50-day EMA but showed a little relief over the 200-day EMA.
The other hand Cardano [ADA] The value at press time was $0.37, which is 55% lower than the 2024 peak of $0.8. The price retested levels seen last in November 2023.
The price of the altcoin had fallen below both short- and long-term trend lines (50- and 200-day EMAs), which confirmed that sellers were on a rampage with this altcoin.
Similarly, Avalanche [AVAX] It was down 10% in the daily charts, and it reached levels that were last seen back in December 2023. Altcoins were the hardest hit, as evidenced by their massive bleeding.
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Long positions were the worst hit. Coinglass data shows that overall liquidations reached over $240m, and longs accounted for 224m worth of rekt in the last 12 hours.
On the 19th June, most banks in the United States will shut their doors. There is still no way to tell if the U.S. holiday will affect crypto trading or reduce bleeding.
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Source: ambcrypto.com