The two most important contribution to the ongoing bull market is the meteoric rise in Bitcoin due to the ETF approval and the sudden interest spike in Solana ecosystem.
Cryptocurrency markets have lost $230 billion in market capitalization in just six days. This move comes as Bitcoin shed 11.65% from its all-time high of $73,949 in the last five days. The AI category of altcoins contributed the most to the recent crash by losing 41% of their value in the past week. But the recent move suggests that the upward momentum is dissipating and a correction looms.
From the start of 2023, the pioneer crypto has shot up 347%. BTC/USDT 1-day chart Why is the crypto market crashing? On the weekly time frame, Bitcoin price has created a bearish swing failure pattern . Since this SFP led to BTC closing below the previous ATH of $69,000, investors should exercise caution. As mentioned in the previous article, BTC’s momentum is slowing down, which could be one of the main reasons why the market is crashing.
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