The cryptocurrency market has corrected over the past 24 hours, with a total capitalization of around $100 billion eroded. This was a direct result of the price of bitcoin crashing towards $44K and the rest of the altcoins followed suit.
Bitcoin Falls Towards $44K
Bitcoin had a great run-up to $48,000, closing in the green for a total of eight days. This all changed on 30 March when the daily candle closed in losses.
BTC lost 4% of its value over the past 24 hours and fell slightly above $44,000, causing the entire market to fall.
As seen in the chart above, the price has managed to reach around $45,200 where it is currently trading. However, the crash caused a total of $121 million worth of liquidations across various leveraged BTC markets over the past 24 hours, most of which occurred on Binance and represented roughly 80% of the long term.
The largest single liquidation order occurred on BitMEX with a face value of $4.95 million.
Altcoins Sync Too
The situation in the Altcoin market is not much different. Overall, cryptocurrency capitalization across the board lost nearly $100 billion in the past day.
The above heatmap makes it clear that the majority of the cryptocurrency market today is trading in the red, with one obvious exception – Solana’s SOL, which is up over 2% over the same period.
Ethereum declined by about 3.5%, XRP by about 5%, ADA by 4.68%, and so on. Today’s biggest winner appears to be GMT – up 40.6% over the past day and 308% over the past week, followed by ZIL – 13% today and WAVES – 10%.
On the other hand, we have the most significant losers represented by GALA (down 9.5%) and ICP and HNT – both down about 8.9%.
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Cryptocurrency charts by TradingView.