Bitcoin price drops $5,000 after hitting a new high. What happened?
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Bitcoin (BTC) corrects after reaching an all-time high
Historical high: BTC reached $108,388 on Coinbase and $108,353 on Binance.
Price fluctuation: After setting a new record, BTC corrected to $103,300, a decline of nearly $5,000.
Current status: BTC was priced at $103,900 at 10:40 AM, down 2.7% for the day, with a market cap of $2.05 trillion, accounting for 57.8% of the crypto market share.
Overall performance of the crypto market
Total market cap change: The total market cap of the cryptocurrency market decreased by 3.8% in one day, down to $3.82 trillion.
Trading volume: The trading volume of digital currencies reached $287 billion in 24 hours.
Ethereum (ETH):
Yesterday's price fluctuated around $4,000, beginning to correct overnight.
At 10:40 AM, ETH was priced at $3,840, with a daily decline of 4.4%.
Tokens with the largest decline:
Pudgy Penguins (PENGU):
As a newly launched NFT project token, its value dropped by 56.8% after the first day of trading.
Hyperliquid (HYPE):
Since its launch on November 29, it has risen over 1,500%, but dropped 11% in the past 24 hours.
Liquidation volume:
In the past 24 hours, positions of 167,000 traders were liquidated, totaling $420 million.
Long losses:
Long positions incurred the largest losses, totaling $335 million.
Liquidation by asset:
Ethereum accounted for $79 million.
Bitcoin accounted for $78 million.
Bitcoin's peak and correction:
BTC's quick drop after the peak indicates strong selling pressure near high price levels, possibly due to profit-taking or large-scale selling by whales.
Ethereum correction and capital flow:
As the second-largest cryptocurrency, ETH remains relatively stable amidst the overall market decline, and its adjustment may attract more long-term capital allocation.
Liquidation volume and leveraged trading risks:
Liquidation data indicates that market participants still tend to operate with high leverage, amplifying potential losses. Over $335 million in long positions were forcibly liquidated, reflecting that some investors failed to adjust their risk management strategies in time.
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