by Coinstrooper Crypto Articles
Quick Take
  • The crypto market is down today, posting another significant decrease.
  • It fell 8% over the past 24 hours to $2.3 trillion.
  • Moreover, 90 of the top 100 coins saw their prices drop.
  • At the same time, the total crypto trading volume stands at $356 billion, the highest it’s been in months.

What Happened

Crypto Winners & Losers

Ethereum (ETH) is down 11%, now changing hands at $1,878.

The highest decrease in the category is 14% by Solana (SOL), now standing at $79.

Market Context

The crypto market is down today, posting another significant decrease. It fell 8% over the past 24 hours to $2.3 trillion. Moreover, 90 of the top 100 coins saw their prices drop. At the same time, the total crypto trading volume stands at $356 billion, the highest it’s been in months.

On Friday morning (UTC), 9 of the top 10 coins per market capitalisation have seen their prices fall. Whopping 5 of these have recorded double-digit drops.

Bitcoin (BTC) dropped by 9.1%, now trading at $64,744.

It’s followed by Dogecoin (DOGE)’s fall of 11.3% to the price of $0.09056.

The only green coin is Figure Heloc (FIGR_HELOC). It’s up 2.9% to the price of $1.03.

Furthermore, of the top 100 coins per market cap, 90 have posted price drops today. 41 of these saw double-digit pullbacks.

Bitcoin’s entity-adjusted realised loss hit a record $3.2 billion on 5 February, a sign that traders rushed to exit as the market plunged.

On-chain analyst Murphy defined this as capitulation, arguing that the scale of loss-taking surpassed what the market absorbed during some of its strongest shocks.

The plunge in prices has taken a significant toll on Bitcoin miners.

He argues that the coin’s price is now entering a well-defined support zone between $54,000 and $69,000.

Moreover, Antonio Di Giacomo, Senior Market Analyst at XS.com, commented that Bitcoin posted a sharp decline amid a contraction in global liquidity and a broad sell-off in tech stocks.

Why It Matters

Moreover, the weekly RSI has dipped below 30 for the first time since mid-2022. This signal “has historically preceded major bottoms forming within a three-to-six-month window.”

“In our view, a base is most likely to form in the $54,000–$60,000 range, particularly as the low-$50,000s align with the 200-day moving average,” the VP concludes.

Details

The smallest decrease is Tron (TRX)’s 4% to $0.2687.

The biggest fall today is 21.3% by Official Trump (TRUMP). It now trades at $3.23.

The next one on the list is LEO Token (LEO), having dropped 17.2% to $6.69.

Of the green coins, the best performer is MYX Finance (MYX). It appreciated 6.1%, now changing hands at $6.48.

MemeCore (M) follows with a 5% rise to $1.58.

Meanwhile, Bitcoin miner Marathon Digital (MARA) transferred 1,318 BTC, worth $86.9 million, in ten hours to three crypto wallets.

‘Consolidating a Clearly Corrective Phase’

Matt Howells Barby, VP at Kraken, “Bitcoin breaching the 2021 all-time high of $69,000 is significant, but it doesn’t rule out further short-term downside.”