Crypto market’s nosedive is getting only more sensational with each passing day — with BTC dropping to new lows on a daily basis. On Thursday, Bitcoin registered a price drop of nearly eight percent over the last day. At the time of writing, the most expensive crypto asset was trading at another nine-month low of $69,830 — 22 percent down from its seven day price average.
Ether joined BTC and met with losses of nearly eight percent over the last day. The asset, at press time, was trading at $2,068 — 20 percent down in its seven day price average.
The fall of XRP by nearly 15 percent also made it to the headlines on Thursday. Presently, as per CoinMarketCap, the token is trading at $1.35.
In conversation with Coin Headlines, market experts said that for assets like BTC and ETH — the loss of critical support zones, with price plunging below levels that had previously anchored the market, can be seen as a key technical driver that is involuntarily supporting the market bloodbath.
“Macro and sentiment headwinds, including risk-off reactions to geopolitical and interest-rate uncertainty, have reduced appetite for higher-beta assets like XRP while Bitcoin and Ethereum lead market repricing,” said Ryan Lee, Chief Analyst at Bitget. “XRP’s breakdown below key support levels reflects intensified selling pressure and short positioning, rather than a simple isolated fundamental failure”
Solana, Tron, Dogecoin, Bitcoin Cash, Cardano, Hyperliquid, Leo, Monero, Chainlink, and Canton — all reflected losses of under ten percent on Thursday.
While Stellar, Avalanche, Shiba Inu clocked price dips of around five percent each — Zcash tumbled by nearly 20 percent to trade at $222.
The overall crypto market cap plunged by 6.16 percent in the last 24 hours. With this, the market cap has come to $2.38 trillion, data by CoinMarketCap showed.
Nearly 215,000 crypto traders were liquidated in the last 24 hours with the total liquidations hitting $1.04 billion in the last 24 hours.
A majority of tokens including BTC, ETH, and XRP are experiencing constant volatility.