The huge price developments in the cryptocurrency market has intensified in the past 24 hours, with a new weekly, monthly, and yearly lows recorded from many altcoins. Moreover, with about or exactly double-digit drops across many charts, so, it is no wonder that the daily liquidations have shot up above $500 million.
It is somehow safe to say the the market has witnessed much better days that these current days, as there were not all that long time ago. Also, in a more micro-scale, the largest cryptocurrency Bitcoin (BTC) was traded above $32K last week, but it was rejected as all the other attempts to trade above the $30K.
The rejections did bring the asset to trade south to around $30K, before the situation became worse this Friday and freefall began. Currently, the Bitcoin is struggling to remain above the $27K.
While the king currency BTC is in a bad situation, the altcoins are in much worse situation, as most of the bitcoins have already lost double-digits of their price.
As for the second largest cryptocurrency Ethereum (ETH) does lead this adverse trend with a 14% daily drop. ETH is down to $1,450, which means that the asset has lost more then $500.
Ripple, Cardano, Dogecoin, Avalanche, Polkadot, Shiba Inu, Solana and BNB and much more have witnessed a double-digit price drops as well.
As all, the cryptocurrency market cap has dipped to a yearly low less than $1.1 trillion. The metric is down by $200 billion in less than a week.
As a result, the number of wrecked traders and liquidations has went high again. And the traders in pain are also up to 180,000 since yesterday.