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According to statistics from CoinMarketCap, Bitcoin (BTC) extended its bearish price movement over the weekend, falling to a fresh three-month low of $18,390. Despite a 64% increase in daily trading volume, the price of Bitcoin is presently around $18,440, a decline of 8% over the previous 24 hours.
BTC has lost more than 17% of its value during the past week and is down more than 73% from its all-time high of $68,789.63 in November 2021. Bitcoin's market valuation has more than halved, falling from $1.27 trillion in November 2017 to less than $352 billion.
According to data from Blockchain.com, Bitcoin's network difficulty reached an all-time high of 32,045t yesterday. Network difficulty represents the computational complexity of mining a block. Greater difficulty necessitates increased processing power and substantially impacts miners' profitability, lowering the price of the currency.
Ethereum, the second-largest cryptocurrency by market capitalization, has dropped 11% in the previous 24 hours to fall below $1,300.
With a market valuation of over $159 billion, Ethereum has lost more than 20% of its value since merging on September 15. According to statistics from CoinMarketCap, ETH is down 73.30% from its all-time high of $4,891.70, reached in November 2021.
According to data from Cryptoslam, NFT trade volumes on Ethereum have decreased by more than 18% in the previous 24 hours. The monthly trading volume of Ethereum-based non-fungible tokens has decreased roughly 30%.
According to statistics from Defi Llama, the total value locked (TVL) across all Ethereum-based decentralized apps has decreased by 12.73 percent over the previous 24 hours, indicating a decline in user enthusiasm for DeFi.
In the previous 24 hours, more than $433 million has been liquidated from the cryptocurrency market by over 131,000 dealers, according to statistics from Coinglass.
Over $379 million, or 87%, of the $433 million in liquidated holdings were long bets, showing the market’s negative tendency.
Ethereum leads in liquidations with $173 million, followed by Bitcoin with $121 million.
The market’s negative price behavior is likely related to this week’s anticipated Fed rate rise.
As reported by Reuters, a 100-basis point rise is not out of the question in the wake of August’s soaring inflation numbers, but most economists anticipate a 50 to 75-basis point increase.
According to CoinMarketCap, several leading cryptocurrencies, including Polkadot (down 12%), Avalanche (down 10%), Shiba Inu (down 10%), Polygon (down 12%), and Cardano (down 10%), have also suffered significant losses during the previous 24 hours.
