Solana Crashes 12% Overnight as Crypto Markets Bleed Out (Market Watch)

The cryptocurrency market continues to bleed out and in the past 24 hours, its total capitalization shed another $20 billion.

The majority of coins are well in the red and the broader sentiment remains particularly negative and expects further contagion from the FTX fallout.

Bitcoin Price Bleeds Out

Bitcoin’s price currently sits at around $16,500, down 2.1% in the past 24 hours. This brings the total loss to about 22.6% in the past week.

BTC has been trading relatively flat over the past day. It did attempt to break above $17,000 but the efforts turned out to be futile and it is currently found well below that level.

The volume is also thinning out. CoinGecko reveals that the 24-hour trading volume currently sits at $46 billion. Liquidations over the same period are around $52 million.

Altcoins Well in Red

As mentioned above, the majority of cryptocurrencies trade in the red today.

ETH is down some 3%, which is more or less the same as Binance Coin (BNB). ADA lost almost 4%, whereas MATIC lost 4.7%. It’s worth noting, though, that the decline of MATIC Is also associated with reports that the FTX hacker dumped millions of MATIC tokens on the market in the past 24 hours.

For the past day, the cryptocurrency that gained the most is Trust Wallet’s token – TWT. It’s up a whopping 34%. DYDX is the second-best performer, up 27% in the same period.

CryptoCom’s CRO token lost the most – around 18%, followed by Huobi Token and Solana.

Overall, the market sentiment remains particularly depressed, down in the extreme fear territory according to AlternativeMe.