Bitcoin wraps up its worst day since September…Details here
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Answer Bitcoin wraps up its worst day since September…Details here
Yesterday was a particularly tumultuous day throughout the entire cryptocurrency market and the bears clearly had the upper hand.
Although an argument can be made that this correction has so far failed to damage the long-term market structure, it is the fact that the Bitcoin price had its worst trading day since September 7.
Bitcoin price drops below $54,000:
Yesterday, the bears completely took over the market, resulting in the worst daily candle that Bitcoin has had since September 7th when the price dropped from $52,000 to $42,000.
This time the damage was not serious, however, bitcoin opened at around $59,000 and closed below $54,000, resulting in a huge loss.
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Analysts are speculating on the exact causes of the drop, although many seem to believe that it was the over-leveraged long position that turned into a wave of liquidation.
In fact, at one point in time, liquidations amounted to more than $300 million in just one hour.
In any case, the market has recovered a bit since then, with Bitcoin currently stabilizing above $54,000, while its dominance over the remaining cryptocurrencies hovers just over 42%.
Altcoins in case of redemption:
Over the past 24 hours, the indicator for most altcoins has been colored red, if we extend that to 30 hours, the situation will be completely different.
The price of Ethereum dropped to $4,000, while BNB, Solana, and especially Cardano (ADA), all charted significant declines.
However, since the last drop, they are all recovering now, and this morning, it appears that confidence in the market has resumed.
At the time of writing this article, the biggest gainers from the 24-hour fiasco (among the top 100 cryptocurrencies) are:
ENS by 23% and CRO by 14.6%, although the latter was priced at just under $1 three days from now.
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On the other hand, those who lost the most BAT had 7.3% and OHM decreased 7.1%.
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