The crypto market is ending the week on a steady note, unlike how it started when it saw massive liquidity and momentum. Now, things are cooling down. Bitcoin is holding firm, while most altcoins have slowed down.
Bitcoin (BTC) retested $108,000 early today, but dropped past that hours later after rejecting off a supply zone on the 4-hour time frame. Meanwhile, the price has been consolidating between the range $108,384 and $106,390 for over three days. However, it seems the bears have taken over the market as the momentum has worn off and the price has broken structure to the downside.
Moreover, the Relative Strength Index (RSI) is currently at 31. This confirms that the bears have indeed taken over the market with more room for more dips.
At the time of writing, BTC is priced at $106,635 after experiencing a modest 1$ drop recorded in the past 24 hours, with 5% drop in daily trading volume of $44.91 billion. The market cap has also decreased by just 1%, and now stands at $2.11 trillion. However, Bitcoin dominance has surged to 65%, its highest point this month.
Ethereum (ETH) also had an exciting start earlier this week when it saw a 10% surge on Tuesday. However, the market also seems to have lost momentum. It dropped by 1.2% in the last 24 hours.
At the time of writing, Ethereum is priced at $2,426 from a daily high of $2,457. This is due to a 19% drop in its trading volume, which now sits at $15.9 billion wth a market cap of $292 billion.
Solana (SOL), which has also been down this week, is down by 1.5% over the same 24-hour period. It is now trading for $141.62, down a bit from an intraday high of $143.
XRP is also following the downtrend. The token has dropped by 2.33% in the past 24 hours and is now changing hands at $2.07. However, it is performing better than others in trading volume, which is up 9.2% over the last 24 hours to $2.98 billion with a market cap of $26.4 billion.
According to CoinMarketCap, the total market valuation is now at $3.26 trillion after a very small dip over the past 24 hours. Trading activity has dropped slightly, with the 24-hour trading volume now sitting at $95.69 billion, down by 3.6% from yesterday.
Meanwhile, around 69,124 traders were liquidated in the past 24 hours, bringing the total liquidation amount to $164.52 million, according to data from Coinglass. Out of this, $106.59 million came from long positions and $57.93 million from shorts. The biggest single liquidation was on Binance involving the ETHUSDT pair, valued at $2.82 million.
Among tokens, XRP saw the highest liquidation with $786.48K, followed by ETH with $723.28K and SEI at $387.78K. Bitcoin also saw $344.53K in liquidations.
