Join our Telegram channel to stay up to date on breaking news coverage
The cryptocurrency market capitalization plummeted more than 4% in the last 24 hours in a sudden drop that saw bitcoin/”>bitcoin (btc) drops below $67,000 and top 10 cryptocurrencies suffer substantial losses.
btc saw its price fall by more than 4%, while altcoin leader ethereum (eth) lost more than 5% of its value over the last trading day.
Dogecoin (DOGE) was the biggest loser among major cryptocurrencies by market capitalization with a 9% drop, followed closely by Avalanche (AVAX) with more than 8%. 
crypto Flash Crash Triggered by Long-Term Holders
The liquidation also ended the positive streak of solarium (SOL), which plunged 7% to trade at $182.37 at 5:50 a.m. EST.
Meanwhile, Binance Coin (BNB) and XRP fell more than 3%, while Cardano (ADA) fell 6%.
Cryptocurrency exchange Bitfinex attributed the drop to long-term holders (LTH) taking profits after bitcoin hit new all-time highs. He added that this selling is on a smaller scale than during previous bull market peaks.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”11.532915360502″>
Despite LTH selling pressure, analysis using UTXO age bands indicates buying activity. This serves as a support level, driven by new investors joining and existing investors increasing positions, showing the belief that the market can go higher https://t.co/LJrGTOQ6Y1
—Bitfinex (@bitfinex) twitter.com/bitfinex/status/1774816219184365988?ref_src=twsrc%5Etfw”>April 1, 2024
Bitfinex analysts estimate that more than $2.6 billion in profits were made through on-chain transactions in the last three weeks. Around 40% of this profit taking is linked to the LTH group, the exchange said in a blog post.
US dollar rises on positive fundamentals
The strength of the US dollar also played a role in the sudden drop in the cryptocurrency market after data showed that the US manufacturing sector grew in March for the first time since September 2022, according to Reuters. report.
Strong consumer spending and stabilizing inflation suggest a potential recovery for several sectors is in play, Bitfinex said.
Dollar Index Chart (Source: x/niubbNNw/”>TradingView)
Despite the sell-off, cryptocurrency pre-sales continue to rise. Even though Dogecoin (DOGE) plummeted, Dogecoin20 extended its pre-sale after overwhelming demand pushed it past $10 million.
And Solana's new meme coin, Slothana ($SLOTH), has raised $5.8 million in just over a week.
SLOTH is following in the footsteps of $SLERF, $BOME, $PUMP and $PUNDU, meme coins that introduced a new form of release on Solana that skips traditional price stages and pre-sale timers where people send $SOL to an address symbolic.
Related Posts:
Smog (SMOG) – Meme Coin with Rewards
- First Airdrop Season Available Now
- Earn XP to qualify for a share of $1 million
- Featured on Cointelegraph
- Staking Rewards: 42% APY
- 10% discount on free sale – smogtoken.com
Join our Telegram channel to stay up to date on breaking news coverage
<script async src="//platform.twitter.com/widgets.js” charset=”utf-8″>
