Over the past 24 hours, the cryptocurrency market has lost more than $30 billion in market cap as the price of BTC plunged towards $17,000 and most altcoins registered even more significant declines.
Bitcoin price plummets to $17,000
Bitcoin erased all gains from last week and traded just below $17,000 after several major red candles on the hourly chart.
The cryptocurrency drops to $16,950 (on Binance).
It will be interesting to see if cryptocurrencies can sustain this critical level or if further declines are on the way. , the latest rate hike by the US Federal Reserve seems to have hit the market.
Altcoins plummet in deficit
Currently, most altcoins are swimming in the red sea, registering significant declines. As you can see in the heatmap below, ETH has dropped almost 6% and is dangerously close to $1,200. BNB is down 4.26% while DOGE, UNI, LINK and LTC are down around 6%.
OKB is the best performer of the past day, up 4.3%. Interestingly, according to his CoinGecko data at the time of this writing, 94 of the top 100 cryptocurrencies are trading at a loss.
At the other end of the spectrum, ALGO recorded the biggest drop, dropping 10% in a day, followed by FTM trading with a 9% loss.
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Cryptocurrency charts by TradingView.