Bitcoin Volatility Causes Massive Leverage Unwinding
The cryptocurrency market has experienced heavy selling pressure in the past 24 hours, which has resulted in losses for both the cryptocurrency and altcoins. Bitcoin ($BTC) for a while broke its important psychological level, falling slightly below the $60,000 mark. This sharp decline led to an increase in long-term losses throughout the stock market.
Following a slight decline, aggressive buying at lower levels helped stabilize the first cryptocurrency. Bitcoin has managed to recover intraday, and has returned to its current trading price $61,500. However, a brief breach of major support dampened market sentiment and left the altcoin sector vulnerable to a deep, double-digit correction.
6 Altcoin Winners and Losers
While $Bitcoin managed to recover some ground, the broader altcoin market suffered a major setback. Data from the exchange shows the top six digital assets that lost the most in the last 24 hours.
1. Zcash (ZEC)
$Zcash came out as the most difficult product in the market, with huge sales.
- Current Price: $379.66
- 24 hour performance: -23.65%
- 7 Day Practice: -28.83%
- Market Capitalization: $6,343,409,995
Market Insights: Despite a modest return of 5.61% over the hour, ZEC is still in a bearish position for the rest of the week, facing a sharp reversal from its recent trend.
2. Permanent (FINAL)
The $STABLE token has changed significantly in the last day.
- Current Price: $0.03223
- 24 hour performance: -18.10%
- 7 Day Practice: -16.57%
- Market Capitalization: $751,997,254
Market Insights: Despite its strong Year-to-Day (YTD) performance of +130.55%, the symbol could not escape the market’s strong correction, losing almost a fifth of its value in 24 hours.
3. Midnight (NIGHT)
$Midnight continued its downward trend for several days, recording heavy losses as trading volumes stalled.
- Current Price: $0.03146
- 24 hour performance: -16.84%
- 7 Day Practice: -9.64%
- Market Capitalization: $522,589,999
Market Insights: NIGHT showed a slight volatility during the hour (-0.48%) but continues to struggle systematically, with its YTD performance down by 64.82%.
4. Filecoin (FIL)
$Filecoin faced a massive split, breaking below major support levels as sellers dominated the order books.
- Current Price: $0.7450
- 24 hour performance: -14.70%
- 7 Day Practice: -22.07%
- Market Capitalization: $586,971,496
Market Insights: FIL ran a small 0.84% green candle on the hourly basis, but its major trend remains stable, dragging its YTD performance down to -42.49%.
5. Polygon (POL)
$Polygon which recently moved has faced significant risks in the market as a whole.
- Current Price: $0.07599
- 24 hour performance: -14.51%
- 7 Day Practice: -14.76%
- Market Capitalization: $809,782,175
Market Insights: POL showed signs of an intraday breakout, rising 2.63% in the last hour, although it remains restricted below major resistance.
6. Monero (XMR)
Popular cryptocurrency $Monero makes six losers, falling alongside its public counterpart, Zcash.
- Current Price: $320.93
- 24 hour performance: -14.46%
- 7 Day Practice: -13.99%
- Market Capitalization: $5,920,152,029
Market Insights: XMR experienced a 3.40% hourly gain as traders entered near support, but the stock is experiencing a 24.16% year-to-date decline.
