Crypto Market Plunges: Bitcoin and Ethereum Lead Losses

Bitcoin and Ethereum prices fell on Tuesday, with BTC dipping below $63,000 and ETH below $3,100. Core emerged as the top gainer over the past 24 hours with a 15.8% surge, while Nervos Network suffered the steepest loss of 18%. The global crypto market cap decreased by 6% to $2.28 trillion.

Cryptocurrency Markets Slump, with Bitcoin and Ethereum Leading the Losses

Amidst a broader downturn in the cryptocurrency market, Bitcoin (BTC) and Ethereum (ETH) plunged on Tuesday, dropping below crucial support levels.

BTC, the world's leading digital asset, traded below $63,000, marking a significant decline of 5.3% over the past 24 hours. As of press time, BTC was hovering around $62,739.

Similarly, ETH, the second-largest cryptocurrency by market capitalization, also faced heavy selling pressure, losing around 5.9% of its value. ETH was trading at $3,064, below the $3,100 mark.

The broader cryptocurrency market experienced a steep decline, with the global market capitalization falling by 6% to $2.28 trillion. This correction followed a period of sustained gains that had pushed the market above $2.5 trillion last week.

Among the top gainers over the past 24 hours, Core (CORE) emerged as the standout performer, surging by 15.8%. OKB (OKB) and Celestia (TIA) also recorded modest gains.

Conversely, Nervos Network (CKB) was the most significant loser, plummeting 18%. Other major losers included AIOZ Network (AIOZ), dogwifhat (WIF), Neo (NEO), Immutable (IMX), Bonk (BONK), and ORDI (ORDI), all losing between 14.5% and 16%.

Market analysts attribute the recent market correction to a combination of factors, including profit-taking after a prolonged period of gains, geopolitical tensions, and concerns over regulatory scrutiny.

The cryptocurrency space remains highly volatile, and investors are advised to exercise caution and conduct thorough research before making any investment decisions.

Note: This news article is for informational purposes only and should not be construed as investment advice. Benzinga does not provide investment advice.