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Bitcoin (BTC) and Ether (ETH) Suffer Heavy Losses, Crypto Market Capitalization Drops 3.59%
Bitcoin (BTC) and Ether (ETH) have suffered heavy losses, causing the total crypto market capitalization to drop by 3.59% in the past 24 hours. This has caused shockwaves among investors and traders as Bitcoin, the largest cryptocurrency by market cap, experienced a 5% decline in price to $57,903.52.
Despite this, Bitcoin’s market value is still at a staggering $1.14 trillion, with increased trading volume (11.22% during the same period) and Ether’s price dropping as much as 4.22% in the past 24 hours, but even after that, Ether managed to drop by 7% over the course of the week following its 7-day change.
Although a new record has not been reached for Ether, the cryptocurrency market remains strong. The decline was felt in several notable altcoins, which experienced significant losses: Solana (SOL) fell to $141.43, down 2.42% in the past 24 hours and 8.71% over the same period last week.
A sharp decline was observed in Ordinance (ORDI), which fell 9.85% to $27.97, while Arbitrum (ARB) experienced a 4.53% decrease and trading volume of 17.16% during the same period. The altcoin market was bright, with Tron’s (TRX) price rising 1.15% in the last 24 hours to $0.1317.
Despite the volatility of the crypto market, investors are cautioning against taking a risky move in cryptocurrencies due to potential risks. The causes of this decline remain uncertain, but it could be linked to the recent sell-off in traditional markets. The crypto market is expected to become more closely linked with traditional markets, resulting in greater volatility.
While this decline may be expected, many analysts remain optimistic about the crypto space’s future growth. The adoption of cryptocurrencies is on the rise, as more individuals and organizations are adopting these digital currencies. The market is also expected to grow with the rise of decentralized finance (DeFi) and other crypto-related technologies.
As a result, the crypto market has suffered significant losses, including Bitcoin and Ether. Although the market remains volatile, it may be temporary. It’s important for investors and traders to remain alert and flexible in response to any potential disruptions.
For more insights and information on the crypto market, check out our article on “Cryptocurrency Market Outlook 2023”.
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