The cryptocurrency markets are bleeding out in the past 24 hours, with the total capitalization plunging below $2.5 trillion, down 5% on the day.

This comes on the back of notable declines across the board from Bitcoin, Ethereum, BNB, Solana, and pretty much the entire market.

Bitcoin Crashes Toward $57K

At the time of this writing, Bitcoin’s price is trading at around $57,700, down more than 5% over the past 24 hours and pretty much the same for the week.

As seen in the chart, BTC has been decreasing gradually since Monday (July 1st), when it reached its peak above $63,500. The bulls were unable to maintain the buying pressure, allowing sellers to step in and push the price down to the current levels.

It’s worth noting that the most recent move resulted in more than $300 million worth of liquidated positions, the predominant majority of which were long.

But it’s not just Bitcoin that’s having a hard time.

Altcoins Crash, Solana Loses More Than 8% Daily

The cryptocurrency heatmap is entirely painted in red and there are absolutely no exceptions for the past 24 hours.

One of the worst performers is Solana, which lost around 8% of its price. Others in this category are LINK (-8.5%), SHIB (-8.6%), PEPE (-11%), and so forth.

You would notice that meme coins are having it worse compared to other cryptocurrencies, and that’s true for the entire segment as major memes chart double-digit declines.

Altogether, the cryptocurrency market continues crashing even at the time of this writing, and it’s interesting to see how far down the bears can take the price. It appears that all eyes are currently turned to the critical support at $56K for BTC, so let’s see if that manages to hold up.