The price of the most popular cryptocurrency, Bitcoin (BTC), continues in an adverse price movement. The negative trend continued throughout the weekend, reaching a new three-month low of $18,390. Information about the price fall follows the statistics provided by CoinMarketCap.
Bitcoin’s Value Has Continued to Fall After Hitting an All-Time High
The price of Bitcoin has fallen to about $18,440, representing a decline of 8%. The fall occurred over the last twenty-four hours. The slide happened despite a 64% increase in daily trading volume.
BTC’s value has decreased by more than 17% over the last week. The worth of BTC has also reduced by more than 73% since it reached its all-time high. BTC’s all-time high was $68,789.63 in November 2021.
The current valuation of Bitcoin on the market is much lower than its value in November 2017. BTC’s valuation in 2017 was more than half as high as the current worth of less than $354 billion. In 2017, BTC’s estimated value was $1.27 trillion.
According to Blockchain.com, the difficulty of the Bitcoin network reached its highest point yesterday at 32.045t. The complexity of the network indexes the amount of computing labor required to mine a block. An increase in the difficulty of mining will have the effect of lowering the value of cryptocurrencies.
Ethereum Is Following Bitcoin
The value of Ethereum, the second most valuable cryptocurrency, has fallen below $1,300. The fall represents a decline of 11% in the market value over the last 24 hours.
Since its unification on September 15th, Ethereum’s market worth has decreased to around $159 billion. The decline in its market loss constitutes a loss of more than 20% from its previous value. Since reaching an all-time high of $4,891.70 in November 2021, ETH’s price has decreased by 73.30 percent.
The research provided by CoinMarketCap shows the data.
Cryptoslam reports that Ethereum NFT trades have declined by about 18% in the last 24 hours. The monthly trading volume of Ethereum-based NFTs has decreased by roughly 30%. Defi Llama reports that over the previous 24 hours, interest in Defi has dropped 12.73 percent.
Intimidation Among Long Traders
According to statistics provided by Coinglass, around 131,000 traders liquidated over $433 million worth of cryptocurrency. Over the last 24 hours, liquidation was in conjunction with today’s adverse price trend.
The market’s bearish trend reflects that traders liquidated 379 million dollars’ worth of long bets. The liquidation accounts for nearly 87 percent of the total $433 million in positions that were closed down.
The total amount of money liquidated on Ethereum was $173 million. Bitcoin finishes in a distant second with just $121 million. The adverse price action seen in the market has its promoters. The promoters are most likely attributable to the expectation that the Fed would raise interest rates later this week.