Bitcoin fell more than 17% in morning trading hours

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Cryptocurrencies – FinanceBrokerage

Bitcoin remains one of the most popular cryptocurrencies in the world, and this fact underscores its importance. However, the world’s largest cryptocurrency by market capitalization suffered losses on Tuesday morning.

Interestingly, in the early hours of the morning, Bitcoin price fell 17.65%, causing a sharp drop across the market. It’s worth noting that the cryptocurrency’s price fell from a high of $ 58,274 on Feb.21 to a low of $ 47,622 in the early hours of Monday, before buyers returned to raise BTC to its current price of $ 53,350.

Importantly, despite today’s liquidation event of $ 1.6 billion, the cryptocurrency bulls remain optimistic about the future of cryptocurrency.

As a reminder, Bitcoin rose from $ 10,000 in October 2020 to nearly $ 60,000 in just 4 months.

Interestingly, with recent central bank money pressures, BTC is less likely to drop to $ 30,000. This makes sense as this cryptocurrency is increasingly viewed as a hedge against currency devaluations by investors around the world.

Bitcoin and its market capitalization

It is worth noting that with multiple tokens, the prices rose on Monday thanks to positive developments. Interestingly, Crypto.com Coin has been the breakout star for the past 24 hours. The price skyrocketed more than 63%, hitting a new all-time high of $ 0.2748 in early trading hours.

Other notable achievements are NEM (XEM) with an increase of 16.05% and Solana (SOL) with an increase of 20.54%.

As a reminder, the total market cap for cryptocurrencies is now $ 1.63 trillion, and the dominance rate of Bitcoin is 61.2%. The coronavirus pandemic has changed many aspects of modern life, and it is not surprising that people are ready to buy bitcoin. As mentioned above, it is the largest cryptocurrency in terms of market capitalization.

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