After the relatively quiet weekend in which BTC neared $49,000, the asset lost more than $4,000 in just a day. Most alternative coins have suffered even more, with numerous the likes of Ethereum, Cardano, Ripple, Solana, and more charting double-digit declines.
As reported yesterday, the weekend was quite stable and uneventful when it comes to price movements. With a low trading volume, bitcoin remained at and above $48,000. On Saturday, it even challenged $49,000 but to no avail.
However, the situation has changed since then in a highly negative way. Bitcoin started tumbling late Sunday and firstly dropped to around $47,000, where it stood for a while.
The bears were not done yet and kept pushing the cryptocurrency south. As a result, BTC dumped below $46,000 and $45,000. This culminated in an intraday low of $44,400 charted just minutes ago.
Losing more than $4,000 in less than 24 hours has propelled significant pain for leveraged traders. Bybt data shows that the liquidations in this timeframe have exceeded $800 million, with the largest single position involving ETH on Bitfinex worth more than $15 million.
BTCUSD. Source: TradingView
It’s worth noting that most of the financial field has suffered today, with EU stocks and US futures charting losses as well. Gold is among the few assets that have increased in value lately.
As it typically happens when BTC dumps, the alternative coins have fallen even more. Ethereum leads this adverse trend with a 10% drop to just over $3,100. Just a few days ago, ETH was trading high above $3,600.
More double-digit price dumps are evident from Cardano, Ripple, Solana, Polkadot, Avalanche, Terra, and Chainlink from the larger-cap alts. Binance Coin (-7%), Dogecoin (-9%), and Uniswap (-9%) are also deep in red.
Cryptocurrency Market Overview. Source: Quantify Crypto
Aside from Celo, which has surged by 15%, most of the lower- and mid-cap altcoins have lost substantial chunks of value too. This includes Algorand (-16%), Hedera Hashgraph (-14%), THORChain (-14%), Waves (-13%), ICON (-13%), Arweave (-12%), IOTA (-12%), Quant (-12%), EOS (-12%), and many more.
As such, the cryptocurrency market cap has lost more than $150 billion in a day and is currently below $2 trillion.
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