The cryptocurrency market is currently experiencing a decline following a crash that occurred late last week, pushing the total market capitalization below $2.6 trillion. Bitcoin, along with most altcoins, has been facing significant losses. At the time of writing, Bitcoin is trading at around $67,500, with a 2.7% decline in the past 24 hours, dropping to around $67,200 on Binance. Data from Coinglass indicates total liquidations of around $170 million in the past 24 hours, with the majority being long positions. Binance leads in total liquidations with approximately $65 million, followed by OKX and Huobi.
While Bitcoin is facing losses, some large-cap altcoins are experiencing steeper declines. Coins like SOL, SHIB, ETH, PEPE, TON, and BNB are down by varying percentages, with meme coins also experiencing a significant decline. For example, coins like PEOPLE, PONKE, BRETT, DOGE, FLOKI, and SHIB are trading in the red. The question remains whether this downturn is a short-term correction or if it will continue throughout the summer months. Despite the overall decline in the market, Injective (INJ) has emerged as today’s best performer, with a 10% increase following an announcement of improved tokenomics a few days ago.
Amidst the market decline, the TON-based meme coin Notcoin (NOT) has experienced the most significant drop among the top 100 coins, plummeting by 14.7% in the past 24 hours. Wormhole and BRETT also saw substantial declines of 11.6% and 9.4%, respectively. It is essential for investors to monitor the market closely and stay informed about the latest developments and price movements. As the cryptocurrency market remains volatile, it is crucial to make informed decisions and exercise caution when trading or investing in digital assets. Keeping up with market trends and news can help investors navigate the challenging cryptocurrency landscape and make strategic investment choices.
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