Altcoins
Bitcoin and Altcoins Face Aggressive Liquidations
The current price of Bitcoin is at $58,854marking its lowest point in two months. This significant drop in the largest cryptocurrency by market capitalization has raised concerns in the cryptocurrency market.
We take a deep dive to see if Bitcoin is dragging the entire cryptocurrency market down with it, or if this is an isolated incident. Read on to find out!
Recent Bitcoin Performance
Over the past 30 days, Bitcoin has fallen by over 14.7%. Last week alone saw a 3.6% drop, with a similar 3.6% drop in the past 24 hours. At the beginning of July 2024, the price of Bitcoin was around $62,814. Since then, it has continued to weaken, posting three consecutive red candlesticks. The previous month’s high was around $71,100, with a low of around $60,100. On the last day of June, strong buying pressure pushed the price to a weekly high of $62,694.
However, the small body of the July 1 candlestick indicated the emergence of strong selling pressure. Although BTC closed positively that day, sellers quickly took control. Currently, Bitcoin remains at a critical juncture, at its lowest price in two months.
General Market Trends: Ethereum and Solana
To understand whether Bitcoin’s decline is an isolated incident, we need to look at other major cryptocurrencies. Ethereum has also seen a drop of over 14.3% in the last 30 days. Over the past week, its price has dropped by 4.7%, with a similar drop of 4.7% in the past 24 hours. Solana has seen an even bigger drop of over 18% in the past month. It has dropped by 0.6% in the past week and 9.7% in the past 24 hours.
The situation is similar for other cryptocurrencies like BNB and XRP.
Traders’ reactions
According to a Santiment article on X, many crypto traders bought Bitcoin when it was near $60,000, hoping that the price would rise. With the current decline, these traders are now selling their coins, contributing to the selling pressure in the market.
After that ?
Some speculate that this increased selling pressure could further impact the price of Bitcoin and potentially affect the entire cryptocurrency market. What do you think? Could this development trigger a broader market downturn?
Read also: How Far Can Bitcoin Price Go? A Renowned Analyst Gives His Opinion
Do you think the selling pressure will continue?