Bitcoin and cryptocurrencies retreat on a bearish Sunday

Bitcoin (BTC) and the cryptocurrency market in general are experiencing, this Sunday, November 24, a decline in their prices. The worst part is being suffered by memecoins, which are registering declines that exceed, in some cases, 15%.

According to Coinmarketcap metricsof the 10 digital assets with the worst performance in the last 24 hoursup to seven of them are memecoins. The one that shows the greatest numbers in red is Brett (BRETT) with a drop of 15.2% whose price, at the time of publication of this article, is about 0.15 cents on the dollar.

Other memecoins that dropped significantly are: Bonk (BONK) 13.6%, Popcat (POPCAT) 12.2%, dogwifhat (WIF) 12.2%, Pepe (PEPE) 11.31%, Floki (FLOKI) 11.6 % and Dogecoin (DOGE) 11.5%.

Memecoins led the market decline this Sunday, November 24. Source: Coinmarketcap

While this is happening with memecoins and other altcoins such as XRP (XRP), which are falling 13.25%, bitcoin (BTC) is also showing red numbers. The world’s leading digital asset is currently trading at $96,600, which represents a drop of 2.22% in relation to its price on Saturday.

Another relevant fact is that the total capitalization of the cryptocurrency market went from USD 3.38 trillion to 3.28 trillion dollars in the last 24 hours. Bitcoin’s dominance remains above 58% this Sunday.

Bitcoin has a special connotation since it was expected that Satoshi Nakamoto’s creation would reach $100,000 in its price this week, something that would be unprecedented in the market. However, the price of BTC this week went from $99,350 to around $96,600, its lowest point for the weekend.

CriptoNoticias reported, this Saturday, November 23, that the dream of seeing bitcoin at $100,000 went on pause due to the record sales that have been recorded.

On-chain data from Glassnode shows significant profit-taking in bitcoin, with users making sales worth $10.5 billion. This record figure, reflected in the fund flow graphs, suggests a possible reallocation of capital by investors.

The sales factor is one of those that would be affecting the price of bitcoin, because the market would no longer be absorbing the BTC provided by investors, which would be generating downward pressure on the price.

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