Bittime -The price of Bitcoin (BTC)has experienced a significant decline in the last 24 hours. After briefly touching levels above $64,000 the previous day, BTC, the king of cryptocurrency assets, is now trading below $62,000.
The decline in BTC prices raises questions among investors: is this a temporary market correction or the end of the bull run (the end of the rising price trend) that has been going on for the last few months?
According to data from Binance, at the time of writing, BTC was trading around $61,967, marking a 3.14% decline in the last 24 hours. This decline occurred after the positive rally that graced the cryptocurrency market the previous day.
Bitcoin (BTC) and Altcoin Price Drop
The BTC price drop is not the only thing happening in the market. Altcoins, digital currencies other than Bitcoin, also experienced more severe price corrections.
Solana led the sharpest decline with a price correction of 5%, pushing its price to $136. Ethereum, which was one of the best performers yesterday, has now shrunk 3.2% and is struggling to stay above $3,200.
Players in the meme coin realm experienced a more severe decline. BONK was the leader with a freefall of almost 10%, followed by PEPE (down 8.5%) and FLOKI (down 7.5%).
Check Today's Crypto Market:
Trader Liquidation and Market Sentiment Towards BTC
This sharp price correction has a direct impact on traders who use leverage (loans) in their trading. According to reports, more than 45,000 traders had their positions liquidated in the last 24 hours alone.
The total value of the liquidated positions reached more than $100 million, with the largest liquidation value occurring on the OKEx exchange with a value of almost $3 million.
Bearish (negative) sentiment enveloped the cryptocurrency market due to falling prices and liquidation of traders. Investors are becoming more cautious in investing, and some predict that Bitcoin's bull run is over.
Bitcoin BTC/USDT Price Today on Bittime
Source: Bittime.com
On April 29, 2024, the price of Bitcoin BTC/USDT was at $62,686 per coin, down 1.63% in 24 hours.
Also Read How to Buy Crypto:
Bitcoin and Crypto Asset Hopes Amid Bearish Sentiment
Amidst the bearish sentiment surrounding the market, hope has not completely died out. Several positive developments in the Bitcoin space have the potential to reverse the current downward price trend.
One factor that is believed to push BTC prices back up is the increasingly widespread adoption of Bitcoin by companies and institutions.
Recently, MicroStrategy also announced the purchase of 4,167 BTC worth $190 million. This shows that Bitcoin is increasingly being accepted as a legitimate investment asset.
Apart from that, developments in Bitcoin technology also continue to innovate. The implementation of Taproot, a new protocol that improves Bitcoin's privacy and scalability, is expected to attract more users and investors.
Conclusion
The decline in Bitcoin (BTC) and altcoin prices in the last 24 hours has raised concerns among investors. However, it is still too early to conclude that Bitcoin's bull run is over.
Positive developments in the Bitcoin and altcoin space, such as wider adoption and technological innovation, could be a catalyst for price recovery. Investors need to pay close attention to market developments and conduct in-depth research before making the next investment decision.
Check Crypto Prices Today:
How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Dog-Themed Memecoin's Fangs Are Blunt and Losing Momentum, New Rivals Appear?
Fireblocks Becomes a DeFi Security Solution with Anti-Scam Features, Here's the Explanation!
Spying the Future of VELO: VELO Price Prediction and In-Depth Analysis 2024
DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.