Over the past 24 hours, crypto market sell-offs surpassed $1 billion, with Bitcoin momentarily dipping below $100,000 after almost hitting its peak record, close to it.
Over the last 24 hours, approximately 406,000 traders have seen a total of $1.18 billion worth of positions closed, with about $921 million being from long positions and the remaining $260 million from short positions.
Yesterday saw a significant trend in the market, as Ethereum (ETH) liquidations dominated, amounting to approximately $207.5 million in long positions. Not far behind was Bitcoin (BTC), with about $202 million worth of Bitcoin long liquidations.
On January 19th, Bitcoin experienced a drop exceeding 6%, falling from its peak of approximately $106,300 to about $99,700 during the day.
On January 7th, the market experienced a significant downturn, causing Bitcoin to plummet by a comparable value within hours. This decline persisted for a week, ending on January 13th with Bitcoin reaching its lowest point at approximately $90,000.
Crypto trader “Bluntz” commented on X that there were “top signs everywhere.”
They suggested that since we seem to have reached a point in this process, it might be wise to start reducing our investments or profits, if possible.
As I write this analysis, altcoins are predominantly dipping in value, with Ethereum (ETH) experiencing a significant drop of over 5%, reaching an intraday low of $3,150.
Despite attempting to follow Bitcoin’s recent upward trend, Ether has instead stayed within its established price range for a month now, failing to replicate Bitcoin’s weekly progress.
Over the last 24 hours, XRP (XRP), Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Sui (SUI), and Stellar (XLM) have all experienced significant drops of more than ten percent.
On Thursday, the excitement surrounding Donald Trump’s memecoin seemed to deflate rapidly, as the token plummeted by over 40% within just a few hours, following a surge that had pushed its total estimated worth to over $70 billion the day before.
Following the debut of Melania Trump’s self-titled cryptocurrency on January 19, its value peaked at over $13 billion in verification within mere hours. This was after the new U.S. president’s spouse initiated its launch.
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2025-01-20 06:26