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.