Markets
Bitcoin Slides Toward $60,000 as Altcoins Exhaust (Weekend Watch)
Cryptocurrency markets are down today due to relatively low trading volumes. Bitcoin is sliding towards $60,000 and the majority of altcoins are slowly depleting.
Total capitalization fell to $2.37 trillion.
Bitcoin price slides towards $60,000
Bitcoin’s price is moving down 1.3% over the past 24 hours, bringing its total losses to around 6% for the week.
At the time of writing, the leading cryptocurrency is sliding towards $60,000 as overall trading volume is relatively low.
The last 24 hours saw a total of $100 million in liquidations, with BTC leading (as almost always) with $37 million.
Altcoins are getting exhausted
Many large-cap altcoins are also showing slight declines. For example, ETH is down 1.8% on the day, BNB is down 1.6%, SOL is down 2.5%, TON is down 1.7%, etc.
Others are down more significantly, like UNI, which fell 6%.
Meme coins, an interesting category in the cryptocurrency market, have also seen similar losses. The cohort, as a whole, is down more than 3% in the last 24 hours, with DOGE and SHIB down 1.3%.
PEPE fell 5.2%, while BON fell 3%.
Overall, Lido’s LDO governance token, which lost 15%, was the worst performer today. Ethena’s ENA is down 9.2%, followed by Starknet’s STRK, which is down 6.4%.
At the other end of the spectrum, the best performer is Quant’s QNT token, which is up 10% on the day. Arweave’s AR comes in second, up 4%.
That said, trading volumes across the board have fallen to around $67 billion over the past day, which is to be expected given that it is the weekend. However, it will be interesting to see how this relatively tight range will resolve itself and whether the bulls will take a position or the correction will deepen.
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