Why Is the Crypto Market Down Today?
The cryptocurrency market witnessed a surprising pullback of almost 3% even as Bitcoin (BTC) briefly hit an all-time-high price of $112k. Meanwhile, another cryptocurrency such as Ethereum, XRP, Solana & Dogecoin saw a drop of nearly 3% to 5%.
So, what's driving this crypto market down?
Bitcoin, the biggest and most popular cryptocurrency, saw its price fall by 2.6% in just 24 hours. After reaching $112K, it slipped to around $108,460. While this may not sound like a huge drop, it had a strong impact across the market.
What triggered this drop was profit-taking. Many investors who had bought Bitcoin earlier chose to sell once it hit the new high. This led to a wave of selling and brought prices down.
It's a common move in the market when people want to secure their profits after a big rally.
The market drop also triggered massive liquidations. In the last 24 hours, over 163,000 traders lost their positions, adding up to over $544 million in total liquidations.
A single trade worth $9.5 million was liquidated on OKX. Long traders, who were betting on prices going up, lost over $400 million.
While Bitcoin dropped, other coins fell even more, Ethereum, the biggest altcoin dropped by 4.3% to $2,541. Meanwhile, XRP, Solana, Cardano, and Tron also faced losses between 1,% and 4%. These coins usually follow Bitcoin's movement, and this time was no different. Read More Today's Agent 301 Daily Puzzle [November 17 2024] - CoinMarketCap
Even memecoins like Dogecoin and Shiba Inu took a massive hit. Therefore, Dogecoin dropped by 3.9%, Shiba Inu by 3.5%, and a Trump-themed token fell sharply by 13%.
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. What is 'profit-taking' in crypto?
Profit-taking is when investors sell their assets after a price surge to secure their gains, often leading to temporary market pullbacks. What caused Bitcoin's price to drop from $112K?
Profit-taking by investors who bought Bitcoin at lower prices, selling after it hit a new high, triggered the price decline. How did altcoins react to Bitcoin's price drop?
Altcoins, including Ethereum, XRP, Solana, Cardano, and even memecoins like Dogecoin and Shiba Inu, suffered larger drops (3%-13%) than Bitcoin.
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