The current state of the cryptocurrency market is characterized by a downturn, as Bitcoin edges closer to the $60 mark while altcoins experience a general decline. This situation is underscored by a reduced trading volume compared to usual levels.
Bitcoin, the dominant player in the market, is presently trading at $60,900, showing no gains over the past 24 hours. This lack of upward movement has resulted in an accumulated loss of approximately 5% for the week.
In addition to Bitcoin, major altcoins are also facing mild decreases in value. Ethereum (ETH) dipped to a low of around $3,360 during the day, whereas both Binance Coin (BNB) and Solana (SOL) observed declines of close to 2% each. TON, on the other hand, saw a slight uptick of 1%, reaching $7.61.
Among the notable losers is Lido DAO (LDO), witnessing a significant 15% drop in its price. Popular meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) also suffered losses of 1.3% each. PepeCoin (PEPE) is hovering around $0.00001164, having experienced a 6% decrease in value over the past day.
On a positive note, the Quant token (QNT) surprised with an 8% surge in value, followed by dogwifhat (WIF) with a 7% increase.
The market’s bearish trend can be attributed primarily to a significant liquidation event totaling $100 million in the last 24 hours, with Bitcoin contributing $37 million to this figure.
In summary, Bitcoin is currently attempting a rebound above the $64,000 level. Should BTC maintain a position above $62,500, it may see a rise towards $70,000.
Please note that all opinions and views expressed in this text are for informational purposes only and should not be construed as financial or investment advice. Trading or investing in cryptocurrencies carries inherent risks of financial loss.
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