The digital assets market dropped by another 3% over the last day as a broad industry sell-off continues. The cumulative crypto market cap stood at $2.33 trillion as Bitcoin (BTC) price declined below the $65,000 mark. Other major altcoins like Ethereum (ETH) and Solana (SOL) slumped by more than 3% and 6%, respectively.
Massive Crypto Liquidation Recorded
According to data from Coinglass, the total liquidation breached the $446 million mark in the last 24 hours. Over 161k traders were liquidated. The largest single liquidation was an ETH/USDC order valued at $6.44 million on Binance.
The data showed that around $384 million of future positions liquidated were long positions, indicating that investors were hoping for a market reversal from the recent dump. However, the crypto market continued to decline, showing red indexes across the board.
Bitcoin Price Analysis
Bitcoin price is down by over 3% in the last 7 days, trading at an average price of $64,828 at press time. It has dropped by 12% from its all-time high of over $73,500. Bitcoin’s 24-hour trading volume is up by 78%, reaching $38.5 billion.
Altcoins Tumble
Ethereum price slumped by around 4% in the last 24 hours, though it remains up by 50% year-to-date (YTD). ETH is trading at an average price of $3,406 at press time, with its 24-hour trading volume up by 38% to $20.6 billion.
CORE token turned out to be the biggest loser of the day, with its price down by 20% in the last 24 hours. Fantom (FTM) also declined by 19% in the same session.
Meme Cryptos See Significant Decline
The meme crypto sector recorded a massive slump, with the cumulative market cap down by almost 10% over the last day. Dogecoin (DOGE) and Shiba Inu (SHIB) both fell by more than 11%.
Dogwifhat (WIF) experienced a 15% drop in the last 24 hours, trading at an average price of $1.99, just shy of the $2 level. Its 24-hour trading volume increased by 58% to $530 million.
Not a financial advice.