Bitcoin drops to $67,500: Crypto market stabilizes after dip

Bitcoin, Ethereum and other coins have experienced a price drop in the past 24 hours. What should investors pay attention to now?

Yesterday, Bitcoin peaked at nearly 69,300 US dollars, but then the price dropped to nearly 66,600 US dollars. Meanwhile, BTC has recovered somewhat and at the time of writing stands at around 67,000 US dollars, representing a drop of about 2 percent in the past 24 hours. Other crypto currencies have also suffered from this correction.

Ethereum, the second largest crypto currency, was hit even harder, losing about 3.5 percent of its value in the same period. More than US$55 million in long positions in ETH were liquidated, compared with only around US$40 million for BTC.

Solana, on the other hand, performed relatively well, seeing only a 1.2 percent loss, thanks in part to investors' positive mood toward founder Anatoly Yakovenko's blockchain project. Interestingly, Solana managed to generate more trading volume than Ethereum and its Layer-2 networks over the past 24 hours.

Memecoins are holding surprisingly steady in this market correction. Dogecoin, for example, lost only 1.8 percent, while the hyped token Goatseus Maximus actually rose nearly 14 percent in the past 24 hours, despite Bitcoin's decline.

The Fear & Greed Index, which measures market sentiment, remained stable in recent days around 72, indicating that many investors may have become overly optimistic during the recent rally. Other indicators, such as the Open Interest, which describes the number of open investment contracts on Bitcoin, confirm this speculative behavior.

Meanwhile, the Bitcoin hash rate a new record high, indicating continued, fierce competition among Bitcoin miners.