(18 June 2024, 09:50 AM IST):
On Tuesday morning, the cryptocurrency market experienced significant drops across the board. The most notable decline was in Bitcoin (BTC), which fell sharply from a high of $67,300 to below $65,000. This downturn was mirrored by other major cryptocurrencies, with Ethereum (ETH) also seeing a significant dip, falling to $3,380.
What Caused the Drop?
The primary reason behind this drop appears to be a healthy market correction, a common occurrence before the start of new bullish cycles. Market makers often push prices down to remove large long positions, setting the stage for future growth. This process, while unsettling, can stabilize the market and provide a stronger foundation for future gains.
Current Market Status
As of now, Bitcoin (BTC) is trading at $65,412, down 2.8% in the last 24 hours, with a market capitalization of $1.29 trillion. Ethereum (ETH) has also dropped by 4.18%, now trading at $3,432 and holding a market cap of $420 billion.
Will the Market Recover?
Bitcoin has found support at the $64,750 level, which could signal a potential reversal. If this support holds, we might see a return to bullish momentum in the near future.
zkSync (ZK), IoNet (IO), and Notcoin (NOT) Also Plummet
- zkSync (ZK): This token, launched just yesterday, has already seen a substantial decline, dropping 27.75% in the last 24 hours to $0.2055. Its market cap now stands at $768 million.
- IoNet (IO): This trending token has also faced a significant drop, with its price plunging 17.80% to $3.97. IoNet’s market cap is currently $379 million.
- Notcoin (NOT): The price of Notcoin has fallen by 12.88% over the last 24 hours, now trading at $0.01591, with a market cap of $1.63 billion.
Conclusion
The recent drops in Bitcoin, Ethereum, and other cryptocurrencies like zkSync, IoNet, and Notcoin highlight the volatility of the crypto market. However, the support levels observed in Bitcoin suggest a potential for recovery.