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As seen on CoinMarketCap, large-cap altcoins, especially those in the top 100, are recording losses as large as 50% in the last seven days as the Bitcoin price slid to lows of $33,027 on Jan. 24.
Bitcoin continued its decline from the prior week, dropping to lows of $33,027. According to CoinMarketCap data, BTC is down 5.54% in the last 24 hours and 20.83% over seven days at its present price of $33,923.
The second-largest cryptocurrency, Ethereum, is likewise down 9.75% in the last 24 hours and 30.89% over seven days. The altcoin market was dealt a bigger blow as the majority of crypto assets, especially in the top 100, are trading presently in the red, with most recording significant losses.
In the last 24 hours, Solana is down 17.49%, Near protocol down 15%, and Enjin Coin and Curve DAO token are down significantly, per CoinMarketCap.
In the past seven days, assets such as Solana (SOL, -40.38%), Polygon (MATIC, -42.05%), Chainlink (LINK, -42.69%), Near Protocol (NEAR, -48.06%) and Harmony (ONE, -47.10%) have shed almost half of their previous values. In the last 24 hours, there have been nearly $345 million in liquidations according to CoinGlass. A total of 104,342 traders were liquidated as prices fell, while the largest single liquidation order happened on Bitmex: the XBTUSD value $6 million. The overall crypto market valuation stands at $1.54 trillion, a 7.08% decrease in the last 24 hours.
Bitcoin yet to bottom?
According to Cryptoquant CEO, Ki-Young Ju, Bitcoin might see further downside pressure as the MVRV indicator is yet to mark the cyclic bottom.
MVRV is currently 1.50, which indicates #Bitcoin wallets still have +50% unrealized profits.— Ki Young Ju 주기영 (@ki_young_ju) January 24, 2022
If this is the end of the bull cycle, we should keep our eyes on this classic indicator to catch the cyclic bottom.
Historically, the cyclic bottom comes when MVRV reached below 1. pic.twitter.com/d2oOqdS8TF
He, however, suggests one condition on which the Bitcoin price might reverse: ''Bitcoin old whales could trigger the price trend reversion. It seems they have been sold BTC to new players at the tops or bottoms. Supply-adjusted CDD helps to see this fresh demand. It's quiet now, but soon they would start moving."