The crypto market has experienced another downturn in the last 24 hours, with altcoins bearing the brunt of the suffering.
The bearish price movements in the cryptocurrency world have only gotten worse in the last 24 hours, with numerous altcoins hitting new weekly, monthly, and even yearly lows. So it’s no surprise that daily liquidations have surpassed $500 million, with double-digit losses seen across numerous charts.
It’s safe to argue that the cryptocurrency market has seen better days, which weren’t that long ago. On a smaller scale, Bitcoin (BTC) moved above $32,000 last week, but every attempt to break above that level was thwarted.
The value dropped to roughly $30,000 due to the successive rejections before the situation worsened on Friday and the freefall began. After another multi-thousand-dollar loss, bitcoin is currently struggling to stay over $27,000.
While BTC is in horrible shape, altcoins are in even worse form. Almost all alternative coins have losses in the double digits.
With a daily decrease of 14 percent, Ethereum is leading this bearish trend. The second-largest cryptocurrency has dropped to $1,450, a loss of nearly $500 in just a few days.
BNB, Cardano, Ripple, Solana, Dogecoin, Polkadot, Avalanche, Shiba Inu, and several other cryptocurrencies have experienced double-digit price drops.
Overall, the market value of cryptocurrencies has plummeted to nearly an annual low of $1.1 trillion. In little than a week, the figure has dropped by $200 billion.
As a result, the number of liquidations and bankruptcies has risen dramatically (again). Since yesterday, the number of distressed traders has risen to 180,000, with total liquidations exceeding $500 million daily and $200 million in the last 12 hours.
With around $250 million in liquidations, ETH positions account for most of this share.