Crypto Market Plunges: Top Coins Suffer 5%+ Losses

The Cryptocurrency Market Takes a Sharp Dive: What You Need to Know

The cryptocurrency market has experienced a sharp decline, with major coins experiencing fewer losses than in previous crashes. Many top coins suffered losses of more than 5%, while others saw further increases in their prices. The CD20, a ranking system that compares the top 20 cryptocurrencies by market capitalization, had slipped more than 6.5% at the time of this article.

Toncoin (TON) was able to reduce its losses after being unavailable for nearly five hours. Despite the disruption caused by the DOGS airdrop, the network experienced significant pressure.

Bitcoin (BTC), the largest cryptocurrency by market capitalization, suffered a significant decline of 6%, leading to more than $300 million in crypto futures liquidations. This is the most amount of money that has been liquidated since August 5. During the same period, bitcoin futures have experienced a decrease in open interest to $31 billion, which was $73.7% on Monday.

Other major coins have also suffered significant losses: ether (ETH), Solana’s SOL, Cardano’s ADA, and dogecoin (DOGE) all fell by more than 5%, while XRP has been the strongest among majors, down 3.4%. TRX is the clear leader, with 2% declines from larger players.

Meanwhile, smaller coins saw NEAR dropping 10%, TKOPIC, KOS TAO, and RNDR experienced significant declines, accounting for 11.3% and 9.5%, respectively.

Exchange-Traded Funds (ETFs) Take a Hit

The economic downturn has had a significant impact on cryptocurrency exchange-traded funds (ETFs). U.S.-listed bitcoin ETFs experienced net outflows of over $127 million on Tuesday, while ether ETPs saw an average of more than $3.45 million leaving the products for the ninth consecutive day.

The Cause of the Decline Unclear, But Could Be Linked to Factors Such as Lower Investor Confidence and Increased Regulation

Throughout history, the cryptocurrency market has been known for its volatility, and sudden price fluctuations are not uncommon. Despite the current downturn, many investors remain hopeful about the long-term stability of the crypto space. However, there may be additional opportunities to buy or increase your holdings due to the potential benefits of this downgrade.

As the market continues to evolve, it remains unclear how much longer the impact will last and whether Toncoin will endure in the coming years. There is no denying that the cryptocurrency market is full of surprises, and investors must be prepared for anything.

For more insights and information on the cryptocurrency market, check out CoinSeeks’ article on “Cryptocurrency Market Outlook 2023”, which provides valuable analysis and predictions on the future of the crypto space.