Selling pressure has intensified in the cryptocurrency market. Major cryptocurrencies have recorded significant price declines over the past 24 hours, APA-Economics reports.
According to data from the CoinMarketCap platform, Bitcoin's price fell by 6.63% over the past 24 hours to $68,801.70. The cryptocurrency has lost 8.96% of its value over the past seven days and 17.76% over the past 30 days.
Ethereum's price decreased by 5.75% to $1,933.33, while BNB fell by 6.32% to $634.80. Zcash declined by 5.43% to $932.03.
Among other cryptocurrencies, Monero dropped by 8.37% to $525.07, while Bitcoin Cash fell by 5.53% to $217.29. Bittensor declined by 5.25% to $203.81, while Quant decreased by 3.89% to $158.53.
Gold-backed cryptocurrencies also recorded declines. PAX Gold (PAXG) fell by 1.53% to $3,909.60, while Tether Gold (XAUT) decreased by 1.59% to $3,906.59.
The CoinMarketCap 20 Index declined by 6.13% over the past 24 hours to 138.12 points. Bitcoin's market capitalization fell to $1.38 trillion.
According to analysts, the decline in the cryptocurrency market may be linked to weakening investor interest in risky assets and increasing selling pressure. The deepening losses among other major cryptocurrencies as Bitcoin falls below $70,000 indicate that the negative trend in the market is continuing.
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