Bitcoin and Altcoins Started the New Week with a Sharp Fall! What is the reason for the decline?
Release: 2024/06/24 15:54 Reading: 339
Bitcoin and Altcoins Experience Sharp Decline
Following a significant drop from its all-time high of over $73,000 in March, Bitcoin (BTC) witnessed a red start to the new week.
BTC extended its downward trend from last week, dipping below $63,000 before falling further to $62,170. Analysts attribute this decline to factors such as substantial sales by Bitcoin miners, the German government transferring a significant amount of BTC to exchanges, and negative market sentiment.
Altcoins Follow Bitcoin's Decline
The sharp decline in Bitcoin was accompanied by a similar trend in altcoins. Ethereum (ETH), the largest altcoin, fell to $3,350.
Over the past 24 hours, ETH has dropped by 3.7%, while other top ten altcoins have also experienced losses: BNB (3.7%), Solana (SOL) (7%), XRP (3.2%), Toncoin (TON) (5%), Dogecoin (DOGE) (4.4%), and Cardano (ADA) (4%).
Some altcoins experienced double-digit declines, including WIF (13.5%), LayerZero (ZRO) (13.4%), and PENDLE (10%).
Despite the widespread decline, one altcoin, LEO, managed a modest gain of 0.5% over the past 24 hours.
Liquidations Affect Long Position Holders
The sharp declines in Bitcoin and altcoins led to significant liquidations of long positions. According to CoinGlass, $162.9 million in crypto futures were liquidated over the past 24 hours. Of this amount, $154 million represented long positions, while only $8.8 million were short positions.
Over 69,396 investors faced liquidations, with the largest single liquidation occurring in the XBTUSD (Bitcoin) transaction on the BitMEX exchange, amounting to $48.8 million in Bitcoin. Ethereum (ETH) liquidations totaled $29 million, followed by SOL and DOGE.
*Disclaimer: This information is not intended to be investment advice.
Recent news
More>- Pepe Unchained Raises $57M in ICO: Analysts Predict Explosive Post-Launch Rally 11-30
- A rising star to outshine Bonk and Pepe, analysts predict 10,000% growth 11-30
- 5 Meme Coins You Don’t Want to Miss for Maximum Profits! 11-30
- 5 Meme Coins You Don’t Want to Miss for Maximum Profits! 11-30
- 5 Meme Coins You Don’t Want to Miss for Maximum Profits! 11-30
- Market Analyst Picks Top 5 Hidden Meme Coins for Massive 12,000% Returns 11-30
- Artificial Superintelligence Alliance Price Prediction: FET Jumps 8% As Pepe Unchained Presale Barrels Past $58.4M Amid CEX Listing Rumors 11-30
- XRP Price Prediction for Today, November 29 – XRP Technical Analysis 11-29
- Swyftx lead analyst predicts altcoins will remain shaky until BTC hits $100,000 11-29
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com