Over $500M Liquidated as BTC Dumps to $27K, Altcoins See Double-Digits Crash

The adverse price developments in the cryptocurrency space only intensified in the past 24 hours, with new weekly, monthly, and even yearly lows registered from many altcoins. 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. On a more micro-scale, BTC, for one, traded above $32,000 last week, but each attempt to decisively overcome that level was halted in its tracks.
  • The subsequent rejections brought the asset south to around $30,000 before the situation worsened on Friday and the freefall began. As of now, bitcoin struggles to remain above $27,000 after another multi-thousand-dollar drop.
  • However, while BTC has it bad, the altcoins are in a much worse shape. Double-digit losses are evident from almost all alternative coins.
  • Ethereum leads this adverse trend with a massive 14% daily drop. The second-largest cryptocurrency is down to $1,450, meaning that it has lost over $500 in days.
  • BNB, Cardano, Ripple, Solana, Dogecoin, Polkadot, Avalanche, Shiba Inu, and many others have seen double-digit price declines as well.
  • Overall, the cryptocurrency market capitalization has dumped to almost a yearly low beneath $1.1 trillion. The metric is down by $200 billion in less than a week.
  • As such, the number of liquidations and wrecked traders has skyrocketed (again). The traders in pain are up to 180,000 since yesterday, while the total liquidations are way over $500 million on a daily scale and $200 million in the past 12 hours.
  • Once again, ETH positions account for the majority of this share, with almost $250 million in liquidations.