The cryptocurrency market is experiencing a sharp decline as major tokens suffer significant losses.
Solana (SOL) and Dogecoin (DOGE) saw more than a 10% drop, leading the losses among major cryptocurrencies.
Ether (ETH), BNB Chain’s BNB, XRP, and Cardano (ADA) also fell by as much as 9%. This market downturn comes as Bitcoin (BTC) fell under $100,000, triggering a wave of liquidations.
In the past 24 hours, a total of $770 million in bullish liquidations occurred, with traders of BTC-tracked products losing $238 million, primarily during early European and Asian afternoon hours.
The largest single liquidation order was valued at $98.4 million on HTX, a tether-margined BTC trade.
The broader market cap dropped by 8.5%, with tokens outside the top twenty, such as memecoin Pepe (PEPE) and Aptos (APT), losing up to 18%.
The liquidation event, while indicative of market volatility, could signal an overstretched market, potentially leading to price corrections.
Key Takeaways:
- Solana (SOL) and Dogecoin (DOGE) led the losses, dropping over 10%.
- Overall market cap fell 8.5%, with significant losses across altcoins.
- $770 million in liquidations were recorded, with the largest single order at $98.4 million.
- Liquidations can signal market sentiment shifts, with potential buying opportunities for contrarian traders.
