The main altcoins, including Ethereum and XRP, took a step after a week of strong ascending dynamics. The wider market of cryptography flashes today in red while the best assets are faced with significant resistance after their recent increase.
Data from Cryptoslate shows that most of the 10 best cryptocurrencies by market capitalization are negotiated below. Ethereum fell by 2%, while XRP launched losses with a sharp drop of 10%. Other altcoins such as BNB, Solana, Cardano, Dogecoin and Tron have each recorded losses of more than 4%.
Meanwhile, Bitcoin stood out as a rare winner, displaying a modest increase of 0.26%. Stable tokens like USDT and USDC have remained stable and not affected by the slowdown in the market.
Vincent Liu, director of investments at Kronos Research, said Cryptoslate that the withdrawal of the market was caused by the progress of long leverages, which sparked a liquidation cascade.
He added:
“(The market) slimming liquidity, shallow control books and high volatility amplifies the downward pressure.”
Consequently, the total market capitalization of Altcoin fell below $ 1.5 billion for the first time in a week, according to CoinmarketCap data. Meanwhile, the Altcoin index fell to 34, its lowest reading in several weeks, highlighting a wider recharge time on the market.
However, the feeling among traders remains largely optimistic. Coanyze data show that more than 70% of traders from the 10 main Altcoin markets maintain long positions, signaling a continuous belief in a potential rebound.
Valentin Fournier, main research analyst at BRN, said:
“Despite short-term weakness, the underlying structure remains optimistic. Business demand continues to increase, and the reduction in the reimbursement burden of the FTX softens one of the main risks of market drop. ”
$ 976 million in cryptographic liquidations
The strong market correction has sparked a significant wave of liquidation. Cacheglass reports that more than $ 976 million in posts have been liquidated, affecting more than 316,000 merchants.
Long traders, those who bet on price increases, have brought the weight of damage, losing $ 840 million. The uncovered positions represented the remaining 135 million dollars.
Ethereum merchants were the hardest affected, liquidations totaling approximately $ 200 million. XRP followed with $ 115 million in losses. Other altcoin traders have collectively seen $ 177 million anneantis.
Meanwhile, Bitcoin traders have suffered relatively modest losses of $ 84 million.
The largest single liquidation event occurred in Binance, involving a position of $ 2.96 million on the BTC / USDC pair.
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