The crypto market kicked off the week with significant losses, as Bitcoin briefly touched the $100,000 mark before retreating. Major altcoins like XRP, Dogecoin (DOGE), and Cardano (ADA) saw double-digit losses, contributing to a staggering $1.76 billion in liquidations over the past 24 hours. Ethereum led the long position losses, surpassing Bitcoin in this metric.
Altcoins Lead the Market into the Red
Yesterday’s trading session marked one of the toughest starts to the week for the crypto market, with several tokens suffering steep declines. XRP, which had recently dominated the market, fell by 12%, landing at $2.07 and leading the sell-off in the altcoin market.
Other major losers included Dogecoin and Cardano, which dropped by 10.6% and 13.4%, respectively.
Bitcoin Declines Alongside Altcoins
Bitcoin, the market’s leading cryptocurrency by market cap, briefly hit the $100,000 milestone on Monday before closing the day with a modest 2.6% drop. Despite this, the overall crypto market is experiencing its worst performance in four months, shedding nearly $1 trillion in value.
Data from CoinGlass reveals that $1.76 billion worth of cryptocurrency positions were liquidated in the past 24 hours, with $1.58 billion coming from long positions.
Nearly 600,000 trades were liquidated during this period, with Binance leading the liquidation volume at $756.26 million. The largest individual loss occurred in an ETH/USDT trade on Binance, totaling $19.69 million.
Ethereum Tops Liquidation Charts
Ethereum emerged as the leader in long position liquidations, accounting for $223 million over the past 24 hours, compared to Bitcoin’s $148 million. Altcoins like Solana, Dogecoin, and XRP also posted high liquidation volumes, reflecting their recent popularity as speculative assets.
Santiment, a prominent crypto analytics firm, commented on the situation, stating:
“If retail investors continue to panic-sell their holdings, rapid recoveries may occur for tokens like TRX, AVAX, DOT, ICP, POL, FIL, and TIA.”
Conclusion
The recent crash underscores the volatile nature of the crypto market. While many investors face losses, others see an opportunity for a potential rebound. As always, caution and thorough research are essential during such turbulent times.
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