Cryptocurrency experts record a sharp drop in major digital assets

After a few days of record growth, when Bitcoin BTC $75,179.15 Mezo Wrapped BTC -0.88% Market capitalization $0.1 billion VOL. 24 hours $0.64 billion almost reached the $ 100,000 mark, the cryptocurrency market has experienced a sharp drop. Since the last peak, the main digital asset has lost more than $ 4000, and its market capitalization has decreased by $ 60 billion.

As you know, last week Bitcoin reached a record high of $ 99,800, and the community was preparing to break through the $ 100,000 mark.

However, on Sunday, the asset began to lose ground, dropping first to $ 98,000 and then to $ 96,000. Currently, Bitcoin’s market capitalization has fallen below $ 1.9 trillion.

Along with Bitcoin’s decline, altcoins have also suffered significantly:

• Ripple (XRP) fell by 11%, dropping from over $ 1.6 to $ 1.34.
• Cardano (ADA) lost 9% and is currently worth less than $ 1.

Meme coins are also in the red:

• BRETT (-10%),
• BONK (-9%),
• FLOKI (-8%),
• WIF (-7.5%).

Dogecoin also dropped significantly, from $ 0.5 on Saturday to $ 0.41 at the time of publication.

The sharp price fluctuations caused significant losses for traders with excessive leverage.

Over the past 24 hours, nearly 200,000 positions worth almost $ 500 million were liquidated, of which $ 383 million were long positions.

The largest liquidation took place on the Binance platform and amounted to more than $ 13 million.

Experts note that such drops are a characteristic feature of the high volatility of the crypto market. Investors are advised to be cautious, especially amid unpredictable changes in market sentiment.