Bitcoin, the downtrend in the crypto market continues

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Bitcoin continued its downtrend today to hit a low of $ 55,861, its lowest price this month. The world’s largest cryptocurrency has fallen 18.6% since it hit a new all-time high of over US $ 69,000 last week. Bitcoin’s lowest price comes amid struggles in the global crypto market, which lost more than US $ 400 billion from its total market cap this week, according to data from CoinGecko. Bitcoin was trading at US $ 56,225 at the time of publication.

Fast Facts The crypto market briefly surpassed US $ 3 trillion on Monday and has since fallen more than 15%. ETH, BNB and SOL also suffered double-digit declines over the past seven days, with ETH falling 14.6%, BNB 13.4% and SOL 17.2%. Crypto’s total market cap is just below $ 2.6 trillion at the time of publication. Despite the overall decline, two of the top 20 cryptocurrencies, Avalanche (AVAX) and Crypto.com Coin (CRO) hit all-time highs this week. AVAX surged after Deloitte announced a strategic alliance with Ava Labs to create an Avalanche blockchain-based platform to ease disaster recovery bureaucracy. And CRO’s rise to prominence followed Crypto.com’s successful deal to secure the naming rights to Los Angeles’ iconic arena, Staples Center. Both suffered double-digit declines shortly after setting new records. The Metaverse maintains its bullish momentum. MANA, Decentraland’s virtual currency, rose 45.6% in the past seven days and hit a new all-time high of $ 4.25 today. Meanwhile, SAND, The Sandbox’s utility token, has risen 65.4% over the past seven days, reaching an all-time high of US $ 4.64 on Thursday. According to crypto futures information provider Coinglass, more than $ 1.6 billion in long positions and $ 446 million in short positions have been liquidated in the crypto market since Monday.

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