Bitcoin Stabilizes After Crash, Absorbing Market Shock
Yesterday, Bitcoin (BTC) experienced a significant drop, plummeting to around $65,000. Following this, there was a slight stabilization, though the losses were substantial. Today, the market turned red again, but the decline wasn’t as severe as the previous day.
Cryptocurrency Market Overview
In the past 24 hours, the total market capitalization (the total value of all cryptocurrencies) fell by 5%, reaching $2.57 trillion.
Currently, Bitcoin is trading at €63,739 on the Dutch cryptocurrency exchange Bitvavo. It has fallen by 2.28% over the past 24 hours, a relatively minor decrease. On the Dubai exchange Bybit, supported by SATOS, the price stands at $67,518.
No Crypto Climbers Today
Notably, none of the top 50 altcoins by market size showed any gains today. Every single altcoin has fallen in the past 24 hours. This underscores the severity of yesterday’s crash and indicates that there hasn’t been a real recovery yet.
As you will read below, many cryptocurrencies have drastically dropped in value, some even to double digits.
Hardest Hit Losers, Including OP
Cryptocurrencies like Optimism (OP), Theta Network (THETA), and Filecoin (FIL) have seen the largest declines among the top 50 in the past 24 hours, with drops of 17.3%, 16.9%, and 15.8% respectively.
These significant losses reflect a sentiment that has not yet improved. All altcoins have been heavily impacted, but OP, THETA, and FIL have been particularly hard hit.
Looking at the longer term, the outlook does not appear promising. Over the past 7 days, OP has dropped by 41.6%, THETA by 29.9%, and FIL by 35.2%, highlighting the challenges ahead for these cryptocurrencies.
