Bitcoin trades below $70,000 as the entire crypto market contracts 4%
In a sudden turn of events, Bitcoin has dropped below the $70,000 mark, with the entire crypto market experiencing a 4% contraction. This comes after Bitcoin reached a new record high of over $72,000 earlier this week, prompting many traders to take profit.
Currently, Bitcoin is trading for $67,704, marking a 4.7% drop in just one day, erasing all gains made throughout the week. Similarly, Ethereum has also seen a significant drop, falling below $4,000 and trading at $3,667 with a 5.4% decrease over the past 24 hours.
Despite the recent pullback, both Bitcoin and Ethereum have seen impressive gains over the past month, with Bitcoin up more than 30% and ETH climbing 34% during that time. With the crypto market capitalization nearing an all-time high, some investors are choosing to secure their profits.
One notable outlier in today’s market is Solana, which has been on a remarkable upward trajectory, gaining 800% over the past year. Today, Solana continued its surge with a 7.9% spike, reaching $180 per token and hitting an all-time high market cap of over $80 billion on March 14.
Among the top gainers are Jupiter’s JUP token, which saw a 16% increase to trade at $1.07, and Pyth Network, with a 7.2% gain and a price of $0.9.
On the other hand, select memecoins have been among the biggest losers, with Dogwifhat’s WIF token dropping double digits to trade at $2.85 after reaching a milestone of $650,000 for an image on the Las Vegas Sphere. Injective, which recently launched an inEVM compatible with Solana and Ethereum, also saw an 11% decrease in its token value, trading at $43.11.
As the crypto market continues to fluctuate, traders are closely monitoring these developments to make informed decisions on their investments.
