Crypto Market Crash Wipes Out $1.76 Billion in Liquidations

Crypto Market Plunges as Bitcoin Briefly Touches $100,000

The cryptocurrency market has experienced a significant downturn at the start of the week, with Bitcoin briefly reaching $100,000 before retreating. Major altcoins such as XRP, Dogecoin (DOGE), and Cardano (ADA) have suffered double-digit losses, contributing to liquidations totaling $1.76 billion over the past 24 hours. Ethereum has led the long position liquidations, even surpassing Bitcoin in this metric.

Altcoins Drive the Market into Negative Territory

Yesterday's trading session marked a challenging start to the week for the crypto market. XRP, which has recently dominated the market, plummeted by 12% to $2.07, leading the selloff in the altcoin sector. Dogecoin and Cardano also suffered significant declines, falling by 10.6% and 13.4%, respectively.

Bitcoin Drops Alongside Altcoins

Bitcoin, the largest cryptocurrency by market capitalization, briefly hit $100,000 on Monday, but closed the day with a modest 2.6% loss. Despite this, the overall crypto market is experiencing its worst performance in four months, shedding nearly $1 trillion in value.

Data from CoinGlass shows that $1.76 billion worth of cryptocurrency positions were liquidated in the past 24 hours, with $1.58 billion coming from long positions. Nearly 600,000 trades were liquidated during this period, with Binance accounting for the highest liquidation volume at $756.26 million. The largest single loss occurred in an ETH/USDT trade on Binance, amounting to $19.69 million.

Ethereum Tops Liquidation Charts

Ethereum has emerged as the leader in long position liquidations, accounting for $223 million over the past 24 hours, compared to Bitcoin's $148 million. Altcoins like Solana, Dogecoin, and XRP have also experienced high liquidation volumes, reflecting their recent popularity as speculative assets.

Santiment Weighs In

Crypto analytics firm Santiment has commented on the situation, stating that:

"If retail investors continue to panic-sell their holdings, rapid recoveries may occur for tokens like TRX, AVAX, DOT, ICP, POL, FIL, and TIA."

Conclusion

The recent market decline highlights the volatile nature of the cryptocurrency market. While some investors face losses, others see an opportunity for a potential rebound. As always, caution and informed decision-making are crucial during periods of market turbulence. Stay up-to-date with the latest crypto market insights at .