In 3 days, the cryptocurrency sector has fallen to almost a year’s low

The unfavorable price dynamics in the cryptocurrency market has only intensified over the past 24 hours, with many altcoins hitting new weekly, monthly, and even annual lows. With many charts showing double-digit drops, it’s no surprise that daily liquidations have exceeded $ 500 million.

It’s safe to say that the crypto market has seen better days (and not so long ago). BTC, for example, traded above $ 32,000 last week, but every attempt to break through this level ended with the next test of the support level.

Unsuccessful attempts to overcome the $ 32,000 mark reduced the value of the asset to about $ 30,000, and on Friday, the situation worsened and a free fall began. At the moment, bitcoin is trying its best to stay above $ 27,000 after another drop.

However, while BTC is doing quite poorly, altcoins are in a much worse state. Almost all altcoins are experiencing double-digit losses.

Ethereum leads this trend with a significant daily decline of 14%. The second-largest cryptocurrency fell to $ 1,450, having lost more than $ 500 in a few days.

BNB, Cardano, Ripple, Solana, Dogecoin, Polkadot, Avalanche, Shiba Inu, and many others also faced double-digit price declines. In total, the cryptocurrency market capitalization fell to almost an annual low of below $ 1.1 trillion.