Bitcoin Approaches $60K as Altcoins Decline (Weekend Update)
The digital currency market is experiencing a downturn today, with Bitcoin edging closer to the $60,000 mark and most alternative coins showing gradual declines. The overall market capitalization has dropped to $2.37 trillion.
Bitcoin’s value has decreased by 1.3% in the last 24 hours, accumulating a weekly loss of approximately 6%. Presently, the primary cryptocurrency is nearing the $60,000 threshold amidst subdued trading activity.
Over the past day, liquidations totaling $100 million have occurred, with Bitcoin leading the pack at $37 million.
Several major alternative cryptocurrencies are also witnessing modest drops. Ethereum is down by 1.8%, Binance Coin by 1.6%, Solana by 2.5%, and TON by 1.7%. On the other hand, some altcoins are experiencing more significant declines, such as UNI, which has fallen by 6%.
Meme coins, a unique segment within the crypto market, are also reflecting similar losses, with an overall decline of over 3% in the past day. Dogecoin and Shiba Inu have both decreased by 1.3%. PEPE has dropped by 5.2%, while BON has decreased by 3%.
Today’s underperformers include Lido’s LDO governance token, plummeting by 15%. Ethena’s ENA is down by 9.2%, followed by Starknet’s STRK, which has decreased by 6.4%. Conversely, Quant’s QNT token has surged by 10%, making it the top performer for the day. Arweave’s AR follows closely behind with a 4% increase.
Trading volumes have dipped to around $67 billion in the past day, a common trend during weekends. Market observers are keen to see how this narrow trading range will unfold, whether bullish sentiment will prevail, or if a deeper correction is on the horizon.
