Bitcoin (BTC) dropped from the $17k price level after a surge in selling volume while altcoins turned red and crashed.

Bitcoin Fails To Hold $17k, Altcoins Remain Bearish: Market Report

  • Bitcoin failed to hold above $17,000 and dropped below it while Ether was unable to push past $1,300 price region.
  • The worst performing tokens are Aptos (APT), Kava (KAVA), Celo (CELO), and ImmutableX (IMX).
  • The best performing cryptocurrencies are MultiversX (EGLD), Trust Wallet Token (TWT), Holo (HOT), and EOS (EOS).
  • A total of $75.26 million were liquidated in the last 24 hours from the crypto space.

The crypto market on Wednesday witnessed the fall of the world’s biggest crypto asset, Bitcoin (BTC), from the $17k price level, a situation that was highly anticipated due to the bearish trend prevailing in the crypto space.

Interestingly, Bitcoin dropped over 0.91% in the last 24 hours and as of 5.11 am ET, the price of the leading cryptocurrency is $16,831, not much lower from the $17,000 price level, above which lies a potential resistance zone for the digital asset.

On the other hand, the fear and greed index display a value of 29 and reads “Fear” which means that the investors’ sentiment is bearish and there is a huge chance that Bitcoin might drop further in the near future and take other altcoins with it.

Interestingly, the market capitalization of the entire crypto space decreased 1.40% in the last 24 hours and its value stands at $840 billion. This is much lesser from the all-time high, which stands above $3 trillion, witnessed in the month of November last year when Bitcoin hit its all-time high.

Furthermore, the nearest rival to Bitcoin’s dominance in the crypto space, Ether (ETH), was outperformed by BTC as ETH dropped by 2.22% in the last 24 hours and is priced at $1,229 at the time of writing. The trading volume of the world’s 2nd biggest crypto coin has jumped by almost 15% while that of BTC has also jumped by the same number.

Excluding Bitcoin and Ether, the other top 10 cryptocurrencies in the industry are Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC).

All of them are bearish today with BNB down 1.61% to $283.8; XRP down 1.07 to $0.3797; DOGE down 4.30% to $0.09611; ADA down 2.18% to $0.3102; and MATIC down 2.54% to $8863.

On the other hand, the worst performing tokens in the last 24 hours among the top 100, excluding the top 10, are Aptos (APT), Kava (KAVA), Celo (CELO), and ImmutableX (IMX).

Interestingly, APT was down 8.62% to $4.79; KAVA was down 7.04% to $0.8367; CELO was down 6.36% to $0.6001; and IMX was down 6.11% to $0.466.

Finally, the best performers in the top 100, not considering the top 10 cryptocurrencies are MultiversX (EGLD), Trust Wallet Token (TWT), Holo (HOT), and EOS (EOS).

EGLD was up 2.57% to $44.73; TWT was up 3.93% to $2.39; HOT was up 3.35% to $0.001735; and EOS was up 0.43% to $0.9328.

According to the data from Coinglass, the total crypto market liquidation in the last 24 hours amounts to $75.26 million of which, Bitcoin makes up $16.05 million while Ether makes up $24.38 million.

Parth Dubey
Parth Dubey Verified Author

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

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