Bitcoin’s Value Plunging by $1.5k Causes Overall Crypto Market Valuation by $100 Million

0 Million BTC Longs Liquidated on BitMEX with Price Drop

The daily scale for the overall cryptocurrency market shows that the liquidations have skyrocketed. The entire cryptocurrency market has experienced a great plummet ever since the market has experienced a downfall.

Liquidations have skyrocketed

Ever since the market started plunging, the overall valuation of the crypto-verse has plunged tremendously.

The daily scale for liquidations shows that in recent days, around $400 million are leaving the cryptocurrency market in the form of liquidations.

However, the liquidation spree seems to have grown even more in the past few hours. The report now shows that in the past hour alone, the recorded liquidation was worth $200 million.

This phenomenon was recorded because the investors started dumping Bitcoin and altcoins on a large scale. The dump was sudden, which took the cryptocurrency exchanges and other platforms shocked and stunned.

Bitcoin’s Downtrend

The situation proved to be the worst for Bitcoin compared to the altcoins. The performance scale for Bitcoin shows that after reaching up to $25k a few days back, the trading price of Bitcoin corrected itself.

Having hit a high trading price, Bitcoin’s price reverted and fell all way the down to $23,200. This is a huge upset for the bullish community as they had tried so hard to keep Bitcoin’s price on the high trend.

It was expected that the bulls would start defending the $23k mark, as they had been defending it against the bears with quite the resilience in the past.

This time, however, the bears were coming in with a stronger force as they managed to pull Bitcoin’s price lower. The price of Bitcoin had stayed at $23,200 for some time until Bitcoin’s price had fallen to $22,800.

From there, the bears increased their selling price, which brought its trading value down to $21,500. So far, the $21,500 value is the price Bitcoin has fallen to in the past three weeks.

For now, the bulls have formed a strong rally pushing the trading price of Bitcoin to a high of $22,000. While Bitcoin has recorded a short-term uptrend, the majority of the cryptocurrencies are experiencing a downtrend.

Ethereum’s Price Movement

The trading price of Ethereum (ETH) has fallen 5% in recent days, bringing its trading value down to $1,750.

Compared to the price falls experienced by Ethereum, the plunges of the rest of the altcoins have been more substantial. The plunges recorded for the altcoins have been in double digits in recent days.

Price Dips of Major Altcoins

Compared to the price dips of BTC and ETH, the trading prices of Polygon, Avalanche, Shiba Inu, Polkadot, Dogecoin, Solana, and Cardano have recorded double-digit dips.

According to the latest market data, the values of these cryptocurrencies have dipped more than 15% in the past 24 hours.