After roughly a week of gains and charting consecutive all-time highs, bitcoin’s run has finally cooled off as the asset was rejected twice at the $90,000 level.
As expected, the more volatile by nature altcoins have experienced even more turbulent corrections over the past day, leaving almost 300,000 traders wrecked.
It was nothing short of a mindblowing week for bitcoin, which started with Donald Trump’s win in the 2024 US presidential elections last Wednesday. The asset started to gain traction even before the results were official due to Trump’s substantial lead.
It flew past its March ATH of $73,737 last Wednesday and kept pumping in the following days. During the weekend, it broke above $80,000 and soared by about eight grand on Monday. The bulls initiated another rally yesterday that drove the cryptocurrency to $90,000 on a couple of occasions.
However, it failed to overcome that level after all, at least for now, and the subsequent rejections pushed it south by up to $5,000. As of now, BTC trades below $87,000, down by over 2% on a daily scale.
Many altcoins have retraced even harder. DOGE, which has been at the forefront of this massive rally, is down by 10% to under $0.37. The OG meme coin peaked at $0.44 yesterday.
Cardano, which also was a massive gainer due to a recent Hoskinson announcement, is down by 10.5% to $0.53.
Shiba Inu has dumped the most from the larger-cap alts, losing its 10th spot to TRX. SHIB has plummeted by 17% and now struggles to remain above $0.000024.
This volatility has harmed over-leveraged long traders, with roughly 280,000 such market participants liquidated over the past 24 hours. The total value of liquidations is up to over $900 million, with longs responsible for the lion’s share.
