By Curtis Dye
The crypto market has taken a hit, and the pain has been felt by investors worldwide. In just 24 hours, millions of dollars have been wiped off the market, causing panic and confusion.
“A Sea of Red” is the phrase used to describe the current state of the crypto market. The largest cryptocurrency by market cap, Bitcoin saw its value drop by more than 8.3% to $21k. Other major coins like Ethereum, Binance Coin and Dogecoin were also hit hard, declining from 4 to 15%.
Additionally, data from Coinmarketcap shows that the total value of all cryptocurrencies sold over the past day has dropped by 4.10% to $1.02 trillion. Further, Coinglass data shows that $248.45 million was liquidated from 92,203 traders in the preceding 24 hours. The greatest single liquidation order occurred on OKX and was worth $4.00M in BTC-USD-SWAP.
Altcoins, shorthand for alternative cryptocurrencies, similarly suffered a knock making this the second consecutive day of losses. Several altcoins like Ripple (XRP), Cardano (ADA), Polkadot (DOT), and Avalanche (AVAX) were trading down as of this writing.
Also read:Uncovering the Reasons Behind Crypto Dip
While certain hypotheses exist, no one can know what is happening. Some experts point to the recent rise in interest rates, which has shifted investor sentiment. Others argue that it was simply a correction that was long overdue.
Despite the hardship and uncertainty, some positive signs are on the horizon. Many industry experts believe the crypto market will eventually recover, as it has done. They point to the growing adoption of cryptocurrencies and blockchain technology and the increasing number of institutional investors entering the market.
However, the cryptocurrency market is likely to stay turbulent in the near future. Investors are encouraged to use care and to be ready for additional price volatility. Due to the high degree of speculation and potential risk associated with cryptocurrency investments, those new to the market should take extra precautions.
The Future of Digital Currency
Only time will tell, but one thing is for sure: the crypto space is entering a new era, which will likely be bumpy great opportunities may be on the horizon for those willing to weather the storming.
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