In recent weeks, digital assets have experienced a downward trend in prices, leading to increased selling by investors. The fall of Bitcoin (BTC) below $62,000 triggered negative sentiments and a wave of selloffs, resulting in nearly 60,000 liquidation trades. Spot Bitcoin ETFs, meme coins, and decentralized finance (DeFi) volumes all saw outflows as daily trading volumes hit $72.2 billion and market cap declined significantly.
Among the cryptocurrencies facing selling pressure, Ethereum (ETH) has seen a 5% drop in the last 24 hours, trading at $3,306. Weekly and monthly outflows have also contributed to a decline in Ethereum’s price, wiping off gains from previous highs. Binance Coin (BNB) has also suffered with a 4.28% drop in the last 24 hours, trading at $557. Weekly outflows surged by 8%, leading to negative sentiment and a decrease in market cap and volumes.
Cardano (ADA), often referred to as the ETH-killer, has faced significant outflows as it follows the overall market trend. With a 4% drop today and a 10.9% weekly decline, ADA’s price fell to $0.3702, causing its market cap to decrease to $13.2 billion. Meme coins like Shiba Inu (SHIB) have experienced even larger declines, with a 6% drop to $0.00001663. Daily trading volumes for SHIB stand at $329 million, while its market cap plummeted to $9.7 billion.
As investors seek to manage their losses and switch short-term positions, they are actively looking for crypto assets to sell. With the current bearish sentiment in the market, it is important for investors to carefully assess their holdings and make informed decisions. Despite the recent downturn in prices, some investors are still optimistic about the future potential of certain cryptocurrencies and are holding onto their positions for the long term.
Overall, the crypto market is experiencing a period of uncertainty and volatility, with investors closely monitoring price movements and market trends. As the market continues to evolve, it is important for investors to stay informed and make strategic decisions to navigate the challenges and opportunities presented by the crypto space. By staying updated on market developments and conducting thorough research, investors can position themselves for success in the ever-changing world of digital assets.
