Bitcoin (BTC), the largest cryptocurrency by market capitalization, has led the market downtrend, after dumping to another 3-week low. Most altcoins, such as Ethereum (ETH) and Solana (SOL) have followed the negative trend to record even more losses.
This major volatility has caused significant pain for over-leveraged investors in the crypto market. The liquidation recorded so far after Bitcoin lost about $3,000 of its value within a day, is now surpassing a whopping $400 million based on a 24-hours scale.
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At the time of filing this report, Bitcoin, Ethereum, and Solana are trading at $37220, $2550, and $83.90, respectively.
$400 Billion Evaporated From Crypto Market within a Week
It’s safe to say that the cryptocurrency landscape has seen better days as roughly $400 billion has been evaporated from the entire market cap in less than a week.
Bitcoin had already lost the $40,000 crucial support level and dipped to $38,000 before a brief price resurgence drove the asset back to the top. Howbeit, the positive trend did not last. It resulted in BTC dumping once more – this time to just over $36,000, which became the new lowest price point since third February.
The altcoin market lost even more. Digital assets such as XRP, Cardano (ADA) Dogecoin (DOGE), Shiba Inu (SHIB), Polygon (MATIC), and others, experienced double-digit price falls.
Ethereum and Binance are among the few whose price declines are still only by single digits, but both are deep in red nonetheless.
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To a reasonable extent as expected, this enhanced volatility has massively increased the liquidations and the number of liquidated traders in the market.
According to the data provided by Coinglass, $400 million worth of liquidation from over 120,000 liquidated traders have been recorded within the last 24 hours.
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