Crypto Market Plummets: Bitcoin and Ethereum Hit Multi-Month Lows
The cryptocurrency market is experiencing a significant downturn, with leading assets facing sharp declines and total market capitalization dropping by 2.45% in the last 24 hours, settling at $2.59 trillion.
This downturn marks one of the most challenging periods for the market in recent months.
Bitcoin Hits 5-Month Low
Bitcoin, the flagship cryptocurrency, has taken a notable hit, plunging by 4% over the past 24 hours to trade at $80,700. This price drop pushes Bitcoin to its lowest level in five months, significantly impacting its market capitalization, which now stands at $1.6 trillion.
Trading volume over the same period has reached $15.7 billion, reflecting heightened activity as investors react to the decline.
During the past 24 hours 92.95 million were liquidated from the BTC market – $57.6 million long positions and $34.66 million in shorts, according to CoinGlass data.
The 1-day technical analysis from TradingView highlights the extremely bearish santiment in the Bitcoin market. The summary and moving averages point to “strong sell” with 18 and 14 sinals, respectively, while oscillators show “sell” with 4.
Ethereum Dips to 15-Month Low
Ethereum has fared even worse, sliding by 6% in the last day to $16.80, marking its lowest point in 15 months. The second-largest cryptocurrency by market cap now holds a valuation of $202 billion, with a daily trading volume of $9.8 billion.
The steep decline highlights the growing pressure on the altcoin market amid the broader sell-off.
Ethereum saw major liquidatons during the past day. Total liquidations reached $96.54 million with $88.01 million being long positions and $8.54 million in shorts.
XRP and Altcoin Losses
XRP has also been caught in the market turmoil, dropping by 4% in 24 hours to $2.03. Its market cap currently sits at $118 billion, with $2.2 billion in trading volume. Despite being less affected than Ethereum, XRP’s decline still adds to the overall negative sentiment.
Among the hardest-hit altcoins, Ethena has plummeted by 10.8% to $0.284, with a market cap of $1.58 billion and $113 million in trading volume. Meanwhile, Optimism has tumbled by 10.5%, trading at $0.618, with a market cap of $1 billion and a trading volume of $95.8 million. These assets represent some of the most significant losses within the crypto space during this recent market slump.
Market Outlook
The current downturn has shaken investor confidence as both major and emerging cryptocurrencies struggle to maintain stability. With Bitcoin and Ethereum reaching multi-month lows, the market sentiment remains bearish, and traders are closely monitoring the situation for signs of stabilization or further declines.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
