Cryptocurrency Market Experiences Significant Losses, $1 Trillion Wiped Out

XRP, DOGE, and ADA Plummet, Bitcoin Holds Steady

XRP Sees 12% Drop, DOGE and ADA Follow Suit

The cryptocurrency market faced a turbulent start this week, with various tokens registering double-digit losses. XRP, affiliated with Ripple, experienced a significant 12% decline, reaching an intraday low of $2.07. Similarly, Dogecoin (DOGE) and Cardano (ADA) also saw substantial losses, dropping by 10.6% and 13.4%, respectively.

Bitcoin Resilient Despite Market Downturn

Bitcoin (BTC), the leading cryptocurrency, managed to hold steady with a modest 2.6% decrease after briefly surpassing the $100,000 mark on Monday.

Market Liquidations Exceed $1 Trillion

CoinGlass Reports Massive Liquidations

The cryptocurrency market is now facing its worst day in four months, with a staggering $1 trillion in value being wiped out. CoinGlass data revealed that a total of $1.76 billion worth of crypto assets was liquidated over the past 24 hours, predominantly consisting of long positions amounting to $1.58 billion.

Trading Losses and Liquidations

Nearly 600,000 trades were liquidated, with a single trader losing an astounding $19.69 million through a large ETH/USDT order on the Binance exchange. Binance, the largest cryptocurrency platform globally, accounted for the most significant share of liquidations at $756.26 million.

Altcoins Under Pressure

Ethereum Leads in Long Liquidations

Interestingly, Ethereum surpassed Bitcoin in total long liquidations over the past 24 hours, with $223 million and $148 million, respectively. Other notable altcoins such as Solana, Dogecoin, and XRP also ranked among the top five, reflecting their status as popular speculative assets in recent months.

Market Sentiment and Potential Rebound

According to insights from crypto analytics firm Santiment, a swift rebound to assets like TRX, AVAX, DOT, ICP, POL, FIL, and TIA could occur if retail traders respond with fear and start selling off their holdings.