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The cryptocurrency’s market capitalization plunged more than 4% in the past 24 hours due to a sudden crash. bitcoin (BTC) plummeted below $67,000 and the top 10 cryptocurrencies all suffered significant losses.
BTC has lost more than 4% in price, while altcoin leader Ethereum (ETH) has lost more than 5% of its value over the last trading day.
Dogecoin (DOGE) had the biggest decline among the top cryptocurrencies by market capitalization, plummeting 9%, followed closely by Avalanche (AVAX) with over 8%. 
Cryptocurrency flash crash triggered by long-term holders
The sell-off also halted the positive streak. Solana (SOL) was trading down 7% at $182.37 as of 5:50 a.m. EST.
Meanwhile, Binance Coin (BNB) and XRP both fell more than 3%, while Cardano (ADA) fell 6%.
Cryptocurrency exchange Bitfinex was trading lower as long-term holders (LTH) took profits after Bitcoin hit a new all-time high. He added that the sell-off was smaller than previous bull market peaks.
Despite selling pressure on LTH, analysis using UTXO age bands indicates buying activity. This acts as a support level and shows belief that the market can go higher as new investors join and existing investors increase their positions 📈https://t.co/LJrGTOQ6Y1
— Bitfinex (@bitfinex) April 1, 2024
Bitfinex analysts estimate that more than $2.6 billion in revenue has been generated through on-chain transactions over the past three weeks. About 40% of this revenue generation is linked to LTH Group, the exchange said in a blog post.
US dollar rises on positive fundamentals
The strength of the U.S. dollar also contributed to the plunge in cryptocurrency markets after the U.S. manufacturing sector showed growth in March for the first time since September 2022, according to Reuters. report.
Bitfinex said it expects a potential recovery in several sectors due to robust consumer spending and stabilizing inflation.
Dollar Index Chart (Source: TradingView)
Despite the sell-off, cryptocurrency pre-sales continue to surge. Despite Dogecoin (DOGE) performing poorly, Dogecoin20 extended its presale after surpassing $10 million due to overwhelming demand.
And new Solana meme coin Slotthana ($SLOTH) raised $5.8 million in a little over a week.
SLOTH is a meme coin that follows in the footsteps of $SLERF, $BOME, $PUMP, and $PUNDU, introducing a pre-sale timer where people send $SOL to the token address and Solana’s new launch method that skips the traditional price steps.
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