Crypto Market Loses Over $200 Billion in 24 Hours
The crypto market experienced a sharp correction, losing more than $200 billion in total market value within 24 hours. Negative risk sentiment spread across global markets, leading to broad sell-offs in major and mid-cap tokens. According to CoinMarketCap, the total market capitalization dropped 6.24% to $3.35 trillion.
Bitcoin Drops Below $101,000
Bitcoin (BTC) fell 6.32% over the last day, trading near $100,637, its lowest price in almost a month. Despite maintaining a market cap above $2 trillion, Bitcoin’s dominance did not prevent widespread panic. Traders rushed to lock in profits after recent record highs above $107,000.
Ethereum and Altcoins See Sharp Declines
Ethereum (ETH) dropped over 9% to around $3,325 in 24 hours. Its weekly loss neared 19%, pushing its market cap down to $401 billion. This erased October’s gains driven by staking. The ETH-BTC ratio fell to 0.0326, the lowest since early September, showing Bitcoin’s relative strength during this downturn. Gas fees on the Ethereum network rose to 10.654 gwei.
Altcoins also plunged significantly with major tokens in the red:
- BNB (-8.32%), Solana (-8.75%), XRP (-7.16%) led the layer-1 losses.
- Cardano (ADA) and Avalanche (AVAX) both dropped over 7–8%, deepening weekly declines beyond 22%.
- Chainlink (LINK) fell 8.56%, Sui (SUI) dropped 8.98%, Hyperliquid (HYPE) sank 9.69%.
- Dogecoin (DOGE) declined 7.80%, and Shiba Inu (SHIB) fell 8.00%.
- Cronos (CRO) and Toncoin (TON) suffered the largest mid-cap losses at over 10% each.
- Bittensor (TAO) saw the steepest fall among major altcoins, down 17.69%.
Futures Market Sees Massive Liquidations
Data from Coinglass shows $1.49 billion in leveraged positions were liquidated in the last 24 hours. This was one of the largest single-day liquidations since June 2024. Liquidation volumes by asset include:
- Bitcoin: $443.7 million
- Ethereum: $329.9 million
- Solana: $82.2 million
- XRP: $25.1 million
- Dogecoin: $19.6 million
Binance, Bybit, and Hyperliquid recorded the highest liquidation volumes.
Fear and Panic Dominate Market Sentiment
The Fear & Greed Index from CoinMarketCap dropped to 27, indicating “Extreme Fear.” This reflects panic among retail investors and increased profit-taking by institutions. Key macro factors contributing to the decline include rising ETF outflows, higher U.S. bond yields, and Federal Reserve officials signaling no further rate cuts. Tightening liquidity also played a role.
