BTC Drops to $27K and Altcoins See Double Digits Crash

In the last 24 hours, the negative price developments in cryptocurrency have only increased with many altcoins reporting new weekly, monthly and even annual lows. With double-digit drops evident across many charts, it’s no wonder that the daily liquidations have shot up above $500 million.

It’s safe to say that the crypto market has seen better days, and there weren’t all that long ago. BTC, one, traded above $32,000 on a smaller scale last week. But each attempt at breaking that mark was stopped.

After the rejections, the asset fell to $30,000 and then the freefall began. As of now, bitcoin struggles to remain above $27,000 after another multi-thousand-dollar drop.

BTC’s situation is not good, but the altcoins are worse. Almost all other coins suffer double-digit losses.

This negative trend is led by Ethereum, which has experienced a 14% daily drop. It is now at $1,450, the second largest cryptocurrency, which means it has lost more than $500 in just a few days.

BNB, Cardano and Ripple have also seen double-digit price drops.

Overall, cryptocurrency market capitalization is down to a low of $1.1 trillion. In less than one week, the metric has fallen by $200 billion.

The number of liquidations and traders that have been ruined has increased (again). Since yesterday, traders are in great pain. The total liquidations have risen to over $500 million per day and $200 million in 12 hours.

ETH positions are again responsible for most of the share. There have been liquidations totalling almost $250 million.

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