Altcoin market turns red as Bitcoin falls back below $ 54,000

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2021-03-23 13:48:40

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The cryptocurrency market continues to have a downward correction as Bitcoin has failed to sustain above $ 60,000.

At the time of writing BTC price dipped below the $ 54,000 threshold from the high of $ 61,599 recorded in March 14 session. Bitcoin’s ‘turn around’ has affected the entire crypto market, with many altcoins falling from 5% to 10%.

Additionally, according to Bybt.com, in the past 24 hours, approximately $ 1.15 billion of positions have been liquidated on cryptocurrency exchanges.

More than 190,000 traders were liquidated over the past 24 hours, and the largest single liquidation happened on Huobi for Bitcoin, worth around $ 19 million, according to Bybt.

the whole virtual money market

In terms of total liquidity across exchanges, Binance has the largest market share (about 435 million USD), followed by Bybit (about 328 million USD) and Huobi (about 192 million USD).

According to Chad Steinglass, chief trading officer at CrossTower, the correction was not surprising given a number of factors including poor liquidity.

Steinglass said:

“The trading volume of cryptocurrencies in China has weakened since the Lunar New Year. Bitcoin correction at this point is of course, although a bit disappointing, it is necessary for the consolidating coin to rise to new highs ”

Despite the volatility, there are a few altcoins that remain high:

Enjin (ENJ) recorded a 32% gain to a new all-time high of $ 3 in its early trading hours as volume surged as it was listed on the Huobi exchange on March 15.

VeChain (VET) and VeThor Token (VTHO) have also gone higher as transaction volume improved. VET hit a new all-time high at $ 0.0827 and the VTHO price rose 37% to $ 0.0119, the highest level in more than two years.

Total crypto market cap currently stands at $ 1.66 trillion, while the 24-hour trading volume of the market remains around $ 160 billion. And Bitcoin’s market dominance rate (Dominance) is 60.9%.

total crypto market capitalization


If you do not have a Binance account, register here: https://CHK.com/go/binance

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