Bitcoin has gone through extreme phases of volatility in the last 24 hours, with the crypto market loss expanding in the same period.
Bitcoin continued to decline for two days consecutively as selling pressures increased across the crypto market. The crypto market loss increased its share as a result, with most altcoins registering downward trends.
Unfortunately, Bitcoin lost its gains of the past week and has been showing heightened volatility since. On the positive side, Bitcoin has garnered solid support at $26,500, which was its lowest point in March. Macroeconomic factors might have had a role to play in the current crypto market loss, with uncertainties rising in the global economy.
Amongst other tokens, Dogecoin had clocked losses of 8%, while Polygon, Polkadot, Cardano and XRP also saw a decline in their market caps. The crypto market losses led to an overall decline in its market capitalization, which fell towards $1.2 trillion, while Bitcoin’s total capitalization hovered around $542 billion. ETH had also dipped below $2000 while its market cap stood at around $235 billion. Bitcoin’s average seven-day returns have declined to a negative 3.2%, while Ethereum returned 4.5% in the last week.
BTC/USD YTD price chart
Bitcoin is currently trading at around $28000 on April 21, 2023, with BTC/USD down by almost 2.9% in the previous 24 hours. As the crypto market losses increased, most cryptos are presently trading with bearish outlooks. BTC/USD is trading lower than its 20-day EMA (28,725.49). Bitcoin’s 24-hour volume is around $23 billion.