Bitcoin Price Dipped to $44K as Total Crypto Market Sheds $100 Billion (Market Watch)

The past 24 hours brought a correction onto the cryptocurrency markets, which saw around $100 billion wiped off the total capitalization. This was a direct result of Bitcoin’s price crashing towards $44K and the rest of the altcoins following suit.

Bitcoin Dips Towards $44K

Bitcoin had a fantastic run-up to $48,000, marking a total of eight days closed in the green. This all changed on March 30th when the daily candle closed at a loss.

Over the past 24 hours, BTC lost 4% of its value and dipped to slightly above $44,000, causing the entire market to slide.

Source: TradingView

As seen in the chart above, the price has managed to recover to around $45,200 where it currently trades. However, the crash caused a total of $121 million worth of liquidated positions across various leverage BTC markets in the past 24 hours, the majority of which took place on Binance and were represented by about 80% longs.

The largest single liquidation order took place on BitMEX and had a face value of $4.95 million.

Altcoins Sink Too

The situation isn’t much different across the altcoin market. In total, the cryptocurrency capitalization across the board shed some $100 billion in the past day.

Cryptocurrency Market Heatmap. Source: Quantify Crypto

The heatmap above makes it evident that the majority of the cryptocurrency market is trading in the red today, with one apparent exception – Solana’s SOL, that’s up more than 2% over the same period.

Ethereum lost about 3.5%, XRP – almost 5%, ADA – 4.68%, and so forth. Today’s biggest winner seems to be GMT – up 40.6% in the past day and a whopping 308% in the past week, followed by ZIL – up 13% today, and WAVES – 10%.

On the other side, we have the most significant losers represented by GALA (down 9.5%) and ICP  and HNT – both down about 8.9%.