Significant downward price swings in cryptocurrency prices have been observed recently, which has led to pessimistic fears among participants in the worldwide market. Both Bitcoin (BTC) and Ethereum (ETH) saw significant price declines, with BTC plunging as low as $67K and ETH falling below $3,600. This declining trend was paralleled by meme currencies, XRP, and Solana (SOL) altcoins. Nevertheless, the prices of Gnosis (GNO) and Injective rose 4-9%, defying the general trend of the market.
The value of the entire cryptocurrency market fell by a substantial 2.49% to $2.48 trillion. On the other hand, the overall volume of the cryptocurrency market increased significantly to $74.94 billion, up 53.88% from the day before.
The price of bitcoin
In the last 24 hours, the price of Bitcoin has decreased by 1.83%, and it is presently trading at $68,315. $67,905.26 and $70,146.84 are its 24-hour high and low, respectively. For Bitcoin, a trading session at the $67K threshold today wouldn’t be shocking.
According to a recent article by CoinGape Media, the significant liquidations that preceded the Fed meeting are the reason for the decline in the price of the flagship cryptocurrency. Nonetheless, Bitcoin’s market share managed to rise to 54.14%, up 0.21% from the previous day.
Ethereum Value
In the meantime, the price of ETH dropped by 2.86% to $3,576.45 during the previous day, with daily lows and highs of $3,571.27 and $3,711.43, respectively. At $427.84 billion, Ethereum’s market capitalization was down 3.23% from the previous day.
