The crypto market is down nearly 5% today, leading to the liquidation of over $ 1 billion long positions on major crypto exchanges.
The cryptocurrency market value, which exceeded $ 2 trillion just a few days ago, is now at the level of $ 1.9 trillion. With the recent pullback, Bitcoin fell from the $ 58,000-60,000 range for a short time to below $ 56,000. Ethereum, on the other hand, saw its price drop below $ 2,000 after registering a new ATH.
Bitcoin price entered the consolidation phase after reaching a new ATH of $ 61,683 in the third week of March. The leading cryptocurrency has established a similar price pattern since the start of the new year. At that time, it was promoted to the new ATH and then entered a period of sharp correction and consolidation that extends into the next month. The consolidation period is getting longer with each new ATH and the next price increase is expected to occur in the second half of April compared to the previous price cycle. If Bitcoin manages to pass the consolidation phase, it could set the next target at $ 72,000.
In addition, the declining dominance of Bitcoin played an important role in the rising altcoin market. Most of the altcoins have set a new ATH in a row over the course of a week.