The crypto market approaches the end of the week with relatively stable metrics, including declines in Bitcoin and other altcoins.
Bitcoin Price Drops Below $107,000, But Dominance Climbs Higher
Bitcoin (BTC) retested the $108,000 level earlier today but dropped below this mark shortly after, rejecting off a supply zone on the 4-hour time frame. The price has been consolidating between the range of $108,384 and $106,390 for over three days. It appears that bears have taken control of the market, confirmed by the Relative Strength Index (RSI), currently at 31. At the moment, BTC is priced at $106,635, after experiencing a modest $1 drop in the past 24 hours. The trading volume has decreased by 5%, sitting at $44.91 billion, and market capitalization has also declined by 1%, now standing at $2.11 trillion.
Current Changes in Other Cryptocurrencies
Ethereum (ETH) also had an exciting start earlier this week, seeing a 10% surge on Tuesday. However, it has lost momentum, dropping 1.2% in the last 24 hours to a price of $2,426. The trading volume has decreased by 19%, now at $15.9 billion. Solana (SOL) is down by 1.5% over the same period, trading at $141.62. XRP is also following the downtrend, decreasing by 2.33% and changing hands at $2.07, although it shows improved trading volume, which is up 9.2%.
Crypto Market Overview and Liquidations
According to CoinMarketCap, the total market valuation is now at $3.26 trillion after a small dip over the past 24 hours. Trading activity has dropped slightly, with 24-hour trading volume sitting at $95.69 billion, down by 3.6% from yesterday. Meanwhile, around 69,124 traders were liquidated in the past 24 hours, resulting in a total liquidation amount of $164.52 million. The largest single liquidation occurred on Binance involving the ETHUSDT pair, valued at $2.82 million.
Overall movements in the crypto market remain under bearish pressure, while Bitcoin maintains its dominance, with other assets also experiencing declines. The current market situation may prove unpredictable for investors.
