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Bitcoin and Altcoins Face Aggressive Liquidations
The current price of Bitcoin is $58,854. This means that the largest cryptocurrency by market cap has fallen to its lowest point in two months. This is a very serious development when it comes to the cryptocurrency market. Let’s analyze whether what we are seeing in the Bitcoin market is an isolated incident or a pattern visible across the entire cryptocurrency market.
Bitcoin Price Performance: A General Overview
Over the past 30 days, Bitcoin has seen a decline of more than 14.7%. The past 7 days have seen a decline of more than 3.6%, and the past 24 hours have seen a decline of almost 3.6%. At the beginning of July 2024, the price of BTC was around 62,814. Since then, the price of Bitcoin has been steadily weakening, showing three consecutive red candles. The previous month’s high was almost $71,100 and the low was almost $60,100. On the last day of June, the Bitcoin market experienced strong buying pressure, leading the price to a weak high of $62,694. The small body of the candle representing July 1 indicated the emergence of strong selling pressure. Although BTC managed to close on a positive note for buyers that day, sellers took control of the market in the following days. The price currently remains at a crucial level: the lowest in the last two months.
Overall analysis of the cryptocurrency market
It is important to know if this is an isolated incident. The best way to understand this is to analyze other major cryptocurrencies. Let’s consider the case of Etherem and Solana. In the last 30 days, Ethereum has seen a decline of over 14.3%. In the last 7 days, the price has witnessed a decline of 4.7%. A decline of over 4.7% has been observed in the last 24 hours. Similarly, Solana has reported a severe decline of over 18.0%. It has seen a decline of over 0.6% in the last 7 days and a decline of up to 9.7% in the last 24 hours. Things are no different in BNB and XRP.
Impact on Bitcoin Traders and Investors
According to a post on X by Santiment, many cryptocurrency traders bought Bitcoin when it was close to $60,000. They were hoping that the price would go up. Currently, these traders are selling their coins because the price of BTC is going down.
This development is supposed to increase the current selling pressure in the Bitcoin market. What do you think? Can it affect the entire cryptocurrency market?
Read also: Here’s How Much Bitcoin Price Can Fall? A Top Analyst Says
Vignesh SG
Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Deputy Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specializing in Web3, Blockchain, and AI. This stint inspired him to see the future of journalism through the lens of next-gen technologies. Now, he covers the cryptocurrency scene for Coinpedia, discovering a vibrant new world where technology and journalism converge.