Over the past few days, the performance of Bitcoin has been nothing short of exceptional, standing out among other altcoins with a notable rise in value. Its recent rally has been strong enough to breach the $30,000 benchmark.
However, this rally appears to have been short-lived, as the cryptocurrency’s value has taken a 2.9% dip over the last 24 hours, currently trading at $29,268 according to CoinMarketCap. Bitcoin has fallen from its 24-hour high of $30,438 and its monthly high of $31,005.
Bitcoin plummets alongside altcoins
The recent drop in price can be attributed to the large sell-off. Binance encountered an unusually large sell order. This was clubbed with the high inflation numbers in the UK, which could have triggered the market sell-off. Adding to this, there has also been a liquidation of over $25 million in Bitcoin futures.
Also read: Binance Begins Staking Withdrawal for ETH 2.0
This has definitely caused a bloodbath as BTC and major altcoins have dropped in value. The global crypto market cap has also plummeted by 3.8% and stands at $1.22 trillion at press time.
Ethereum, which recently shot up in price after the Shapella upgrade to over $2,100, also took a hit. ETH is trading at $1,978 at press time, with a 4.85% drop in value over the last 24 hours.