The cryptocurrency market is currently experiencing a period of turbulence, with concerns about liquidity and CME gaps causing the market cap to drop by 10.62% to $2.75 trillion. Despite these challenges, investors are looking forward to the upcoming “Crypto Summit” on March 07th, hoping that it will spark a bull run.
Bitcoin, the dominant player in the market, has also been affected by the recent turmoil. The price of Bitcoin dropped to a 24-hour low of $82,467.24 from its intraday peak of $93,664.05. However, there has been a slight recovery, with Bitcoin currently trading at $84,033.44. This 9% price increase, despite $1 billion in liquidations, has raised hopes for a potential comeback in the near future. Bitcoin’s market cap now stands at $1.84 trillion, with daily volumes increasing by 14.15% to $76.01 billion.
Ethereum, the second-largest cryptocurrency, has also seen a significant price drop of 13.95%, with a value of $2,101.58. Other major altcoins like Solana and XRP have also experienced losses, with Solana dropping by 18.86% and XRP by 16.55%.
In terms of top gainers, PI has seen an increase of 3.49% to $1.74, while XAUt and PAXG have also recorded gains of 0.94% and 0.79%, respectively. On the other hand, top losers include Sonic, ADA, and TRUMP, with losses of 24.37%, 23.79%, and 22.83%, respectively.
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Overall, the cryptocurrency market is going through a challenging period, but with events like the upcoming Crypto Summit, there is hope for a potential turnaround in the near future. Stay tuned for more updates and insights on the crypto industry!