- Bitcoin’s fluctuations saw altcoins extend price pullbacks
AVAX and ADA have erased all 2024 gains and dropped to levels last seen in late 2023.
As an analyst with several years of experience in the crypto market, I’ve witnessed numerous ups and downs, and today was no exception. The market rout we saw today was a stark reminder of the inherent volatility in cryptocurrencies.
As a market analyst, I observed a downturn in the crypto market today. The market’s bearish sentiment from last week continued to weigh heavily, causing a decrease of 1.63% in the overall market capitalization within the past 24 hours, based on data from CoinMarketCap.
Significantly, Bitcoin (BTC) spearheaded the market downturn following its reach of a monthly minimum at $64,500 – a figure last exhibited in mid-May.
Why is crypto down today?
In the last 12 hours, there have been significant withdrawals totaling over $200 million from Bitcoin spot markets, following a price decrease.
As an analyst, I’ve noticed that investors adopted a risk-averse stance towards Bitcoin, the largest digital asset, in the U.S. spot BTC ETFs market on June 17th. According to Farside Investors data, there was a total outflow of $145.9 million from these products on that day.
It meant that last week’s bearish sentiment was well sustained into the new week.
As a crypto investor, I’ve noticed that the recent market downturn had a more significant impact on altcoins than Bitcoin. The prices of most altcoins plunged by more than 50%, extending their price retracement. In contrast, Bitcoin only suffered a 10% drop from its all-time high of $73,700 to around $65,000.
In the last 24 hours, Solana’s [SOL] home for memecoins experienced a approximately 4% decrease in value. Compared to its peak value in 2024, this equates to around a 38% reduction, with the coin being priced at $137.
SOL was below its short-term trend (50-day EMA) but saw a slight relief above the 200-day EMA.
As a crypto investor, I’ve observed that Cardano (ADA) took a significant hit and had dropped approximately 55% from its peak price of $0.8 at press time, which was a disappointing value of $0.37. Reminiscently, this price level brought back memories of the previous lows we saw in November 2023.
The altcoin’s price dipped below its short-term (50-day) and long-term (200-day) moving averages, indicating a potential selling opportunity for investors.
As a crypto investor, I’ve noticed that Avalanche (AVAX) took a significant hit, plummeting approximately 10% on a daily basis. This dip brought its price back to levels last seen in the December 2023 market. The altcoin sector, where Avalanche belongs, was particularly hard-hit during these market corrections.
Regrettably, losses were predominantly incurred by those holding long positions. As per Coinglass statistics, a total of over $240 million in liquidations occurred within the last 12 hours, representing approximately $224 million worth of unfavorable positions for long-term investors.
As a researcher studying the intersection of finance and cryptocurrencies, I can tell you that the 19th of June is marked as a U.S. holiday. Consequently, most federal banks will observe this day off, leading to a suspension of their regular operations. The impact on crypto trading remains uncertain, with some speculating that the holiday might cause a temporary reduction in trading volume or even potentially halt transactions for those utilizing traditional banking services. However, it’s essential to note that the crypto market operates 24/7 and is not reliant on federal bank holidays. Therefore, the impact on crypto trading could also depend on other market factors and investor sentiment during this time.
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2024-06-18 19:03