They say a lot can change at any given time, well the crypto market is not exempted from this saying as Bitcoin (BTC) has crashed all the way down to $22,015. And when Bitcoin dips, altcoins also suffer, other altcoins suffer more with various double-digit losers. With everything in the crypto market down, liquidations are up to half a billion again.
All traders are on their feet now wondering what went wrong, they might have thought Bitcoin will go down but they probably never thought it would go this deep.
Bitcoin Crashes Below $22,5K
The cryptocurrency market has been in a dip state for months now since last year. The past seven days have been unbearable. A crypto analysis website reported BTC (Bitcoin) attempted to reclaim $32,000 as the coin was seen going up and even further than the resistance level various times.
Eventually, it failed and didn’t go beyond that but returned to the average price of around $30,000 that it was before, where it remained until Friday. Later on, the latest US inflation numbers took it south by just $1000, but we had no idea the unfavorable is yet to come.
Weekends sometimes can be for dips. But BTC went so deep it lost a few thousand dollars more than before. Today, Bitcoin fell all the way to $22,015 for the first time in 18 months.
What State is Ethereum In?
Just like other times, the substantial loser goes to Ethereum. Weeks ago ETH was still standing above $2000 with the BTC falling down and dragging the market with it, ETH has now fallen down to $1,162.98. This means the second-largest cryptocurrency is now currently below its all-time high (ATH) in 2018.
What State Are The Altcoins In?
But not just ETH though, more losses are glaring from other altcoins ADA, SOL, TRX, DOT, AVAX, and DOGE are also down by more than or around 10% in a day.
All of these happenings of enhanced volatility have brought mass pain for traders and once again traders that over-leverage, as the number of wrecked ones is now up to 180,000.
The difference between yesterday and today is that once again, the total liquidations on a daily scale have now exceeded $500 million. The difference between BTC yesterday and today is that BTC-related positions account for the liquidated majority of $210 million, ETH on the other side has been the leader for the past two days, it has the second-largest share of the adverse pie with around $160 million in total.
Conclusion
The Crypto market just keeps getting us up on our feet with a lot of dips going on, the market has lost a lot compared to its ATH market cap. But still, we are looking to see if BTC will try to heal from this bothersome dip which no one ever thought could be this worse. For ETH we will see if any announcement might make it come up even if it’s a little, and for altcoins let’s see how it goes.
