The cryptocurrency market is once again in a state of severe correction, with most major coins in significant decline, causing concern among investors.
Overall Situation in the Cryptocurrency Market
The recent drop in Bitcoin's value below $114K has been a significant stressor for investors. The market is showing high trading volumes, indicating ongoing liquidation pressure, which creates an unstable market environment.
Current Cryptocurrency Prices
According to the latest data, the current prices of cryptocurrencies are as follows:
* **Bitcoin (BTC):** $113,587, down 1.72% daily and 5.59% weekly. * **Ethereum (ETH):** $4,212, down 1.98% daily and 10.20% weekly. * **XRP:** $2.89, down 4.10% daily and nearly 12% weekly. * **BNB:** $831, down 1.60% daily. * **Solana (SOL):** $180.96, down 10.07% weekly. * **Cardano (ADA):** $0.85, down 8.38% daily.
Reasons for the Downturn and Predictions
The recent crash has resulted from a combination of macroeconomic and crypto-specific factors:
* **Macroeconomics:** Inflation in the EU remains steady at 2%, keeping central banks cautious on rate cuts. Global risk sentiment is weakening, impacting speculative markets negatively. * **Technical Selling:** Following recent all-time highs, major cryptos are experiencing significant profit-taking pressure. * **Liquidity Crunch:** Over-leveraged traders are facing liquidation, fueling sell-offs across multiple tokens.
The cryptocurrency market remains in an unstable state, and if the sell-off continues, key support levels to watch include $110K for BTC, $4,000 for ETH, and $0.80 for ADA.
