Market in Sea of ​​Red

Alex Dovbnya

The cryptocurrency market has taken a bearish turn after buyers got caught in what appears to be a bull trap

The cryptocurrency market is now under heavy selling pressure after failing to maintain its bullish momentum.

Total market capitalization has shrunk $65 billion in the past day to below $1.8 trillion. It is now 40% lower than the November 10 peak of about $3 trillion.

Solana (SOL), Avalanche (AVAX) and Ethereum (ETH) have suffered the biggest losses, falling more than 6%.

Bitcoin, the world’s leading cryptocurrency, fell to $41,077, its lowest level on Feb. 28.

The cryptocurrency is now down nearly 10% in less than three days, putting the bears back in the driver’s seat.

Bitcoin fell to $34,324 on February 24, reaching its lowest point in a month. However, it managed to make an impressive price recovery and regain the $45,000 level for the first time.

Meme coins, such as Shiba Inu and Dogecoin, are also down more than 3%.

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