Today, the cryptocurrency markets are experiencing a decline with relatively low trading volumes. Bitcoin is currently on a downward trend approaching $60,000, and most altcoins are gradually losing value. The total market capitalization has decreased to $2.37 trillion, indicating a broader market sentiment of caution among investors.
Bitcoin, the leading cryptocurrency, has seen a 1.3% decrease in price over the past 24 hours, bringing its weekly losses to around 6%. The cryptocurrency is now sliding closer to the $60,000 mark, reflecting the overall bearish sentiment in the market. Additionally, there have been $100 million worth of liquidations in the last day, with Bitcoin accounting for a significant portion at $37 million.
Several large-cap altcoins are also experiencing modest declines. For instance, Ethereum (ETH) is down by 1.8%, Binance Coin (BNB) by 1.6%, Solana (SOL) by 2.5%, and TON by 1.7%. Other altcoins like UNI have seen more significant losses, with a decline of 6%. Meme coins, a unique category in the crypto market, have also registered losses, with DOGE and SHIB dropping by 1.3%.
Notably, Lido’s LDO governance token has been the worst performer of the day, losing 15% of its value. Ethena’s ENA decreased by 9.2%, followed by Starknet’s STRK with a 6.4% drop. On the other hand, Quant’s QNT token has seen a significant uptrend, surging by 10% in a single day. Arweave’s AR follows as the second-best performer, with a 4% increase.
Despite the market decline, trading volumes have decreased to approximately $67 billion in the past day. This drop in trading activity is typical for weekends when market participants are generally less active. The key question now is how this tight trading range will resolve, and whether the bulls will intervene to reverse the downward trend or if further correction is imminent.
