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Wednesday, November 29, 2023

Bitcoin Price Tumbles to $34K as Solana (SOL) Crashes 11% Overnight (Market Watch)

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The cryptocurrency market has shed substantial value throughout the past 24 hours, losing around 2% of its total market capitalization on the backs of considerable losses across the board.

Bitcoin’s price is down some 3.2% on the day but remains up for the week. Elsewhere, Solana’s rally was abruptly interrupted, as the coin is trading at an 11% loss. Let’s unpack.

Bitcoin Price Tumbles to $34K

As we mentioned in yesterday’s market watch, Bitcoin’s price was firmly on its way to conquering the $36K level, tapping heights that the market hadn’t seen in roughly 18 months.

Unfortunately, the bulls were completely unable to sustain the positive momentum, and the price retraced to where it currently trades – slightly above $34K. This marks a decrease of 3.1% in the past 24 hours.

Source: Binance via TradingView

Bitcoin’s dominance – the metric analysts use to gauge its share relative to that of the rest of the market – has also dropped by around 0.3% on the day, currently standing at 50.7%. This indicates that altcoins have somewhat fared better than BTC throughout the period.

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Of course, that’s not true for all altcoins.

Solana (SOL) Price Nosedives 11% Daily

Among the top 20 cryptocurrencies by means of total market cap, the one that lost the most is undoubtedly Solana. SOL is down 11% in the past 24 hours, erasing a lot of the gains that were made throughout the past few days. It’s currently trading below $40.

Source: Quantify Crypto

Other cryptocurrencies are also on the decline, as the heatmap above indicates. Those that are trading in the green are doing so ever so slightly.

That said, from the top 100, the coin that lost the most is Coinflux (CFX), which is down some 12.2%, followed by Render and Solana – both down around 11%.

Trust Wallet, on the other hand, defies market sentiment and is up by some 8.3% on the day.

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Cryptocurrency charts by TradingView.

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