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Ethereum and XRP lead $976 million liquidation wave as altcoin rally pulls back
The cryptocurrency market has taken a sharp downturn today, with major altcoins such as Ethereum and XRP experiencing significant losses. According to data from CryptoSlate, the majority of top 10 cryptocurrencies by market capitalization are trading lower, with Ethereum and XRP leading the charge in the liquidation wave.
Ethereum’s price dropped by 2%, while XRP plummeted by an astonishing 10%. Other altcoins like BNB, Solana, Cardano, Dogecoin, and Tron also recorded losses of over 4%. On the other hand, Bitcoin managed to post a modest 0.26% increase.
The data suggests that stablecoin-linked tokens such as USDT and USDC remained steady and unaffected by the market downturn.
A wave of liquidations has been triggered in the cryptocurrency market, with $976 million in positions being liquidated, affecting over 316,000 traders. Ethereum traders were hit the hardest, with liquidations totaling around $200 million. XRP followed closely behind with $115 million in losses, while other altcoins collectively saw $177 million wiped out.
The downturn has led to a major correction in the crypto market, with the altcoin index dropping to its lowest reading in several weeks.
Source: cryptoslate.com
