Cryptocurrencylistings Markets: Bitcoin's value dips below the $30,000 threshold once more
Cryptocurrencies are back in the red.
Once again, Bitcoin's price has taken a hit. It is currently trading at $29,559.59, dipping back below the $30,000 mark after experiencing a 5.87% decrease.
According to Glassnode research Long-term Bitcoin investors are currently facing unrealized losses. Research indicates that the price is now trading at levels not seen since the lows of the 2021-2022 cycle, suggesting that nearly all buyers since January 2021 are now operating at a loss. Additionally, these long-term holders are bearing the brunt, accounting for 62% of unrealized losses, indicating a notable shift in ownership during this recent bear market.
According to Glassnode, we might witness the total losses surpassing 0.006% of the market cap when Bitcoin's value fell below the $30,000 mark in May; a trend reminiscent of the bear markets in 2018-19 and the market crash in March 2020. They note, ' Network unrealized losses are lingering in the late bear market stage but have not yet indicated total capitulation.' Therefore, we still wait for a market rebound.
Other digital currencies are faring little better than Bitcoin. Ethereum's Ether has declined by 7.43%, now priced at a specific amount. $1,766.81 . According to Coinglass In the last 24 hours, Ether experienced liquidations totaling $73.65 million, which was the highest among all cryptocurrencies, making up over a third of the total liquidations at $207.27 million.
The price of Binance's BNB token has dropped by 9.21%, Cardano's ADA is down 7.53%, XRP has decreased by 3.96%, and Solana's SOL has plummeted by 11.26%.
Metaverse tokens are also seeing declines. The price of Flow has fallen by 6.96%, Tezos XRT is down by 1.45%, Decentraland's MANA has decreased by 8.11%, and ApeCoin's APE has slipped by 5.81%. Given the poor performance of these assets, it's not surprising that the Metaverse Index (MVI) is influenced as well, currently trading at $49.22, reflecting a 9.56% drop compared to yesterday's value.
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