The cryptocurrency market is experiencing a significant downturn, with numerous altcoins facing substantial price decreases in recent hours. Although Bitcoin's market dominance is on the rise, it has seen a drop to a two-week low, dipping below $94,000.
Solana's recent performance has been notably disappointing. The asset fell by 8% in the last day and over 18% this week, losing ground to BNB. It has declined around 40% from its January high, settling below $170, which mirrors early November levels.
Cardano's token has similarly taken a hit, dropping more than 6% to under $0.75. Chainlink and Avalanche are also experiencing significant losses, with prices falling to $17.5 and $23.2, respectively.
Ripple had previously shown promise with its cross-border token but has since followed the downward trend, losing 5% over the day to just over $2.5. Ethereum faced resistance at $2,800 earlier this week and is now struggling to maintain a position above $2,600. In contrast, Litecoin is one of the few major altcoins to post gains, rising 3% to $125.
Bitcoin's trajectory has also been less than encouraging. The leading cryptocurrency was unable to surpass the $97,000 mark earlier today, dropping below $94,000 – its lowest since the early February slump when it dipped under $92,000.
The total value of liquidated positions has reached $330 million within a day, as reported by CoinGlass. Over 140,000 traders have been liquidated during this period, with the largest single order, valued at $7.58 million, executed on Binance.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.