The cryptocurrency markets are experiencing a downturn today amid relatively low trading volumes. Bitcoin is edging closer to $60K, while most altcoins are gradually losing value.
As a result, the total market capitalization has decreased to $2.37 trillion.
Bitcoin Price Slips Toward $60K
Bitcoin’s price has decreased by 1.3% over the past 24 hours, accumulating total losses of about 6% for the week.
As of now, the leading cryptocurrency is edging toward $60K amid relatively low trading volumes across the market.
In the past 24 hours, there have been $100 million worth of liquidations, with BTC leading the way at $37 million.
Altcoins Are Experiencing Significant Declines
Many large-cap altcoins are also showing minor declines. For instance, ETH is down 1.8% for the day, BNB is down 1.6%, SOL has decreased by 2.5%, and TON is down 1.7%.
However, some are experiencing more significant drops, such as UNI, which has fallen by 6%.
Meme coins, a notable category in the cryptocurrency market, have also experienced similar losses. As a group, they are down over 3% in the past 24 hours, with DOGE and SHIB declining by 1.3%.
PEPE dropped by 5.2%, while BON fell by 3%.
Overall, the worst performer today is Lido’s LDO governance token, which has lost 15%. Ethena’s ENA is down 9.2%, followed by Starknet’s STRK, which is down 6.4%.
On the other end of the spectrum, the best performer is Quant’s QNT token, which has surged by 10% today. Arweave’s AR is the second best, with a 4% increase.
Despite these movements, trading volumes across the board have decreased to about $67 billion over the past day, which is typical for the weekend. It remains to be seen whether this relatively tight range will resolve with the bulls taking a stand or if the correction will deepen.