Cryptocurrency Flash Crash Cuts Crypto Market Cap 4% As Bitcoin, Solana, Dogecoin Plunge| Trending Viral hub

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The cryptocurrency market capitalization plummeted more than 4% in the last 24 hours in a sudden drop that saw bitcoin (BTC) drops below $67,000 and top 10 cryptocurrencies suffer substantial losses.

BTC saw its price drop more than 4%, while altcoin leader Ethereum (ETH) lost more than 5% of its value over the last trading day.

Dogecoin (DOGE) was the biggest loser among major cryptocurrencies by market capitalization with a 9% drop, closely followed by Avalanche (AVAX) with more than 8%. Exploring the post-crisis cryptocurrency market |  Toptal®

Crypto Flash Crash Triggered by Long-Term Holders

The liquidation also ended the positive streak of solarium (SOL), which plunged 7% to trade at $182.37 at 5:50 a.m. EST.

Meanwhile, Binance Coin (BNB) and XRP fell more than 3%, while Cardano (ADA) fell 6%.

Cryptocurrency exchange Bitfinex attributed the drop to long-term holders (LTH) taking profits after Bitcoin hit new all-time highs. He added that this selling is on a smaller scale than during previous bull market peaks.

Bitfinex analysts estimate that more than $2.6 billion in profits were made through on-chain transactions in the last three weeks. Around 40% of this profit taking is linked to the LTH group, the exchange said in a blog post.

US dollar rises on positive fundamentals

The strength of the US dollar also played a role in the sudden drop in the cryptocurrency market after data showed that the US manufacturing sector grew in March for the first time since September 2022, according to Reuters. report.

Strong consumer spending and stabilizing inflation suggest a potential recovery for several sectors is in play, Bitfinex said.

Image of StevenWalgenbach's TVC:DXY chart

Dollar index chart (source: TradingView)

Despite the sell-off, cryptocurrency pre-sales continue to rise. Even though Dogecoin (DOGE) plummeted, Dogecoin20 extended its pre-sale after overwhelming demand pushed it past $10 million.

And the new Solana meme coin, Slothana ($LAZY) has raised $5.8 million in just over a week.

SLOTH is following in the footsteps of $SLERF, $BOME, $PUMP and $PUNDU, meme coins that introduced a new form of release on Solana that skips traditional price stages and pre-sale timers where people send $SOL to an address symbolic.

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