2 November 2024
Cryptocurrency Market Cap Slums Under $1 Trillion
The total crypto market cap has fallen below $1 trillion as many altcoins are bleeding out. The leading cryptocurrency, Bitcoin, also dropped below $20,000 as the bulls failed to maintain their price zone.
There were no notable increases in the past 24 hours in Bitcoin price. Bulls tried to push the price upwards but they failed. Hence, it allowed sellers to prevail and once again push BTC below the coveted $20K level.
Around $28 million worth of BTC positions were liquidated in the last 24 hours. It also showed that volatility has dried off. Currently, ETH futures traders seem to be a lot more prevalent.
The majority of altcoins lost their values between 1% and 3% over the past 24 hours in a slow sideways decline which is very characteristic of bear markets.
The second leading cryptocurrency, Ethereum, lost its value by 2.61% over the period and that led to about $90 million worth of ETH positions being liquidated. On OKEx, the largest single liquidation order had a face value of $1.86 million.
Additionally, Solana lost 1.5%, MATIC – 1.2%, Ethereum Classic – 1.42%, NEAR – 2.3%, and so forth. Filecoin was the exception case, as its value rose by 9% in the past 24 hours. On the other hand, Helium’s HNT token is down 7.5% – the cryptocurrency that lost the most.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice
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