Altcoins
Bitcoin Slides Toward $60,000 As Altcoins Bleed (Weekend Watch)
Cryptocurrency markets are down today on relatively low trading volumes. Bitcoin is sliding towards $60,000 and the majority of altcoins are slowly exhausting themselves.
Total capitalization fell to $2.37 trillion.
Bitcoin Price Slides Towards $60,000
Bitcoin price is trading down 1.3% over the past 24 hours, bringing its total losses to around 6% for the week.
As of this writing, the leading cryptocurrency is sliding towards $60,000 as trading volume overall is relatively low.
The last 24 hours saw a total of $100 million in liquidations, with BTC leading (as almost always) with $37 million.
Altcoins are bleeding
Many large-cap altcoins are also seeing slight declines. For example, ETH is down 1.8% on this day, BNB – 1.6%, SOL – 2.5%, TON – 1.7%, and so on.
Others are down more significantly, like UNI, which fell 6%.
Meme coins – an interesting category in the cryptocurrency market – also saw similar losses. The cohort, as a whole, is down over 3% in the last 24 hours, with DOGE and SHIB down 1.3%.
PEPE fell 5.2%, while BON fell 3%.
Overall, the worst performer today is Lido’s LDO governance token, which is down 15%. Ethena’s ENA is down 9.2%, followed by Starknet’s STRK, down 6.4%.
At the other end of the spectrum, the best performer is Quant’s QNT token, which is up 10% on the day. Arweave’s AR comes in second, up 4%.
That said, trading volumes have dropped to around $67 billion over the past day, which is to be expected given that it is the weekend. However, it will be interesting to see how this relatively tight range will unravel and whether the bulls will take a position or the correction will deepen.
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