The total cryptocurrency market fell 2.4% to approximately $2.67 trillion.
- Bitcoin, Ethereum, and Solana led declines among major cryptocurrencies on Tuesday night.
- More than $700 million in crypto positions were liquidated over the past 24 hours, with long positions accounting for the majority.
- Crypto losses mirrored weakness in U.S. equities, particularly among large technology stocks.
Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) were the heaviest hit among crypto majors on Tuesday night as the cryptocurrency market continued to bleed amid macro and geopolitical uncertainty.
The overall cryptocurrency market slid 2.4% in the last 24 hours to around $2.67 trillion. CoinGlass data showed over $700 million in liquidations over the past day, with around $530 million of long positions being wiped out.
The dip in the crypto market mirrored weakness seen on the equities side as investors pulled out of riskier technology stocks and into cyclical plays like Walmart (WMT). Nvidia (NVDA) and Microsoft (MSFT) both fell more than 2% in regular trade. Nvidia’s stock was among the top trending on Stocktwits as it continued to slide in after-hours trade, down 0.59%.
Bitcoin’s Price Falls Below $74,000 Before Rebound
Bitcoin’s price fell 2.6% in the last 24 hours to around $76,500, recovering from an intra-day low of $73,111, according to CoinGecko data. Retail sentiment around the apex cryptocurrency dropped back down to ‘extremely bearish’ from ‘bearish’ territory over the past day, while chatter remained at ‘extremely high’ levels.
One user on Stocktwits forecast that even if Bitcoin’s price falls further, it’s unlikely to go below $68,000.
Other bullish calls hoped that Bitcoin would rise to $125,000 again, but remained unsure about how long it may take for the apex cryptocurrency to flash those gains.
Dogecoin Bucks The Trend
While others in the top 10 cryptocurrencies by market capitalization traded in the red, meme token Dogecoin (DOGE) bucked the trend, rising 1.6% in the last 24 hours. It was the top performing token among crypto majors, but retail sentiment on Stocktwits around the leading meme coin remained in ‘bearish’ territory over the past day, with chatter at ‘normal’ levels.
The move comes after Tesla (TSLA) and SpaceX CEO Elon Musk said he may send “literal” Dogecoin to the “literal” moon next year, resurfacing a promise he first made in 2021.
Ethereum, Solana Underperform Bitcoin
Solana’s price was worse hit than Bitcoin, falling more than 5% in the last 24 hours to around $98.81. Retail sentiment around the token remained in ‘neutral’ territory over the past day, accompanied by ‘high’ levels of chatter on Stocktwits.
Ethereum also underperformed Bitcoin, falling 2.6% in the last 24 hours to $2.275. ETH’s price remained in the doldrums despite some expecting altcoin season to ensue after the ISM Manufacturing PMI reading came in above 50 on Monday. Retail sentiment around the leading altcoin remained in the ‘bearish’ zone alongside ‘extremely high’ levels of chatter over the past day.
Binance Coin (BNB) fell 1.7% in the last 24 hours, followed by Ripple’s XRP (XRP), which edged 0.8% lower. Other than Dogecoin, Tron (TRX) was the only crypto major in the green, moving 1.2% higher on the day.
Read also: Cathie Wood’s Ark Invest Adds More Robinhood, Coinbase, Bitmine Shares In Crypto Dip Buying Spree
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