Crypto Market Slumps: Bitcoin and Ethereum Dive

The cryptocurrency market has experienced a bearish trend over the past 24 hours, with most major cryptocurrencies experiencing price declines. Bitcoin fell 1.24%, dropping below the crucial $67,000 level, raising concerns about further potential declines. Ether also exhibited a significant dip of 3.71%, while other altcoins, including Binance Coin, Solana, and Dogecoin, also recorded losses. The overall crypto market valuation decreased by 5.92% in the past 24 hours, with the total liquidations exceeding $490 million.

Cryptocurrency Market Slumps: Bitcoin and Ethereum Plunge

The cryptocurrency market has taken a bearish turn in the last 24 hours, with Bitcoin (BTC) and Ethereum (ETH) leading the decline.

Bitcoin Tumbles Below $67,000

Bitcoin has lost 1.24% in the past day, dropping below the crucial $67,000 price point. Market analysts had anticipated a surge beyond this level, but the asset's descent has now raised concerns of further depreciation.

"The market has entered a bearish phase in the last 24 hours," said the CoinDCX Research team. "Bitcoin is trading under the 20 EMA D, indicating bearish sentiment. We will monitor BTC ETF inflows and US macroeconomic announcements in the coming days."

Ethereum Sheds 3.71%

Ether has plummeted by 3.71% on Tuesday, bringing its current value to $3,270. This represents a reduction of $125 in the past 24 hours.

"After reaching a high of $4,093, ETH has undergone a sharp correction," noted the ZebPay trade desk. "Traders are speculating about the potential approval of a spot Ether ETF in May."

Altcoins Follow Suit

Most cryptocurrencies have joined BTC and ETH in the downturn. Binance Coin, Solana, Ripple, Dogecoin, Cardano, Avalanche, and Shiba Inu are among the altcoins experiencing losses.

Other altcoins that have posted declines include Polkadot, Tron, Chainlink, Polygon, Litecoin, Uniswap, and Near Protocol.

"The top 20 cryptos by market cap are all in the red," said the CoinSwitch Markets Desk. "The crypto market has witnessed total liquidations of over $490 million in the last 24 hours."

Market Cap Contracts

The overall crypto market valuation has plummeted by 5.92% in the past day, with the total market cap now standing at $2.52 trillion.

Stablecoins Stand Out

Amidst the market slide, stablecoins such as Tether and USD Coin have recorded gains. Bitcoin Cash, Leo, Monero, and Iota have also managed to post modest increases.

Analysts Cautious

Market analysts are urging caution in the face of the recent market volatility. They recommend that investors consider their risk tolerance and invest accordingly.

Disclaimer: Cryptocurrency is an unregulated digital asset subject to market risks. This article is for informational purposes only and does not constitute financial advice.