Major cryptocurrencies hit with significant declines, contributing to downturn in the crypto market

The prices of Bitcoin continued dropping on March 15 after days of rallying and reaching and even reaching an all-time high. The cryptocurrency market experienced its most significant decline of the year, with a 7% drop in market capitalization. Bitcoin (BTC) plummeted by 8% over the past 24 hours, erasing weekly gains and initiating a widespread downturn across the market. For most of the week the prices of Bitcoin managed to keep its value above $73,000. Digital asset analytics firm Swissblock said in a note on Wednesday that bitcoin nearly doubled in price from $38,000 in late January without any meaningful pullbacks, and a cooling period could be imminent.

Ethereum on the other hand recorded an even bigger loss than Bitcoin as the market was negatively impacted on Friday. The prices of Ethereum reached approximately $3,500 after dropping down by 11.30%. The maximum price reached by Ethereum this week was $3,900.

Other Cryptocurrencies like Dogecoin (DOGE), Ripple (XRP) etc. also experienced losses in the market. Memecoin dogwifhat (WIF), another cryptocurrency, became the biggest gainer in the crypto market, with a rapid increase of over 14 percent in 24 hours. Bitcoin SV(BSV), on the other hand became the biggest loser in the market with a loss of more than 15 percent within 24 hours.

With the wider known cryptocurrencies like Bitcoin and Ethereum incurring big losses, Solana (SOL) stood out as the sole major cryptocurrency within the top 10 by market capitalization to achieve gains, with a significant increase of more than 8.40%, reaching a price of $180.01. A few other cryptocurrencies like Jupiter (JUP), Aptos (APT) were also the big gainers of the market with a solid increase of 8.40%, 6.59% and 3.09% respectively.

On the other hand, some of the other cryptocurrencies with the biggest incurred losses were THORChain (RUNE), Mantle (MNT), Starknet (STARK), who lost 12.69%, 11.48% and 11.09% respectively.

Data indicates that futures tied to cryptocurrencies incurred losses exceeding $800 million, the second largest figure of losses this year. At the time of writing, the total market capitalization of the global cryptocurrency market was $2.64 trillion, showing a 4.53 percent decrease over the past 24 hours. Longs, or bets on higher prices, incurred liquidations totaling $660 million, probably exacerbating the significant downturn.

According to Farside Investors, Aggregate spot Bitcoin ETF inflows were approximately $133 million on March 14, the lowest that they’ve been this month. The release of economic data in the United States this week may have accelerated the declines.

During this period of loss in the cryptocurrency market, certain meme coins have been gaining popularity in the market and they have even outperformed the biggest and the wider known cryptocurrencies. To the people unaware, meme coins are cryptocurrencies which pay homage or are inspired by a meme. The prices of meme coins are highly volatile, as their popularity is largely increased by pop culture and also, they have an abundant supply.

The uncertainty surrounding cryptocurrency prices continues to loom, adding to the complexity of market dynamics.

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