Yesterday’s feud between business tycoon Elon Musk and the crypto community went beyond the normal range of constant verbal quarrels on social media. It had a profound impact on the crypto market and was nothing short of a disaster.
The crypto market has undergone a lot of liquidation. According to ByBit’s data, in the past 24 hours, due to Elon Musk’s pessimistic Bitcoin-related tweets, it triggered a market crash and US$2.4 billion worth of long transactions were liquidated . The total value of long contracts that have been liquidated in the past 12 hours is $1.16 billion.
Last Wednesday, Musk posted a tweet on Twitter, “We are concerned about the rapid increase in the use of non-renewable energy in Bitcoin mining and trading, especially coal, which emits the most fuel. Cryptocurrencies are used in many It is a good idea on a level. We believe it has a bright future, but this does not mean that it can bring a huge price to the environment.”
In the past 24 hours, a total of 303,836 traders have cleared, and the highest single clearing value in crypto assets is nearly US$90 million .
Among Bitcoin, Ethereum, XRP and other commonly used top Crypto assets, due to the growing popularity of Dogecoin, the popularity of the popular cryptocurrency SHIB has risen, and nearly $43 million long SHIB has been liquidated.
The market is also intolerant of short sellers . According to ByBit’s data, due to price fluctuations in the crypto market, a total of $441.5 million in short positions were liquidated yesterday.
According to Datamish’s data, in the past 24 hours, only $34 million of long positions have been liquidated on BitMEX and 417 BTC have been liquidated on Bitfinex.
On the other hand, Bitcoin’s dominance further declined . The flagship Crypto asset of the global cryptocurrency industry is losing market share because its market dominance is weakening.
According to reports from CoinMarketCap and Coin 360, Bitcoin currently holds about 40% of the market share.
Ethereum is currently the second most common cryptocurrency after Bitcoin, and at the time of writing this report, its market share is 19.3%. BNB accounted for 4%, Cardano accounted for 3.3%, and Elon Musk’s favorite Dogecoin accounted for 3%. In January 2018, Bitcoin’s dominance fell to the lowest point of 33% for the first time.
Based on the accurate market value, Bitcoin has fallen from $1 trillion a few weeks ago to $843,071,872,876. The market value of Ethereum is almost half that of BTC, with a market value of $404,613,783,369. The market value of BNB, Cardano and Dogecoin fell to 81 billion U.S. dollars, 69.4 billion U.S. dollars, and 65 billion U.S. dollars, respectively.
There is a certain probability that the future will usher in two upcoming stages. The first is that the market enters a state of sluggishness, and the prices of all assets will fall . As seen after the previous bull market, the market will enter a period dominated by other tokens except BTC. During this period, the valuation of other crypto assets will be better than previous performance.
If the former situation occurs, Bitcoin’s fundamentals and positive sentiment surrounding Bitcoin will help it maintain a greater dominance of the crypto market.
However, if the former emerges, the dominant combination of other tokens, which currently account for 60.1% of the total market value, may increase in the near future .