Crypto market liquidation now pegged at $249 million as bear takeover appears imminent
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.The digital currency ecosystem is currently slipping into a bear session as the combined crypto market cap reversed its growth by 3.
Per on-chain observations, the bear action seen on both the BTC and ETH markets can be attributed to the imminent sell-off of the asset after both hit multi-month highs over the past few days. It is not uncommon to print price slips like this, with the corrections considered a healthy twist for a more bullish rebound.Altcoins featured in liquidations
Based on the outlook on the broader market at the moment, more altcoins also saw significant liquidations of long futures trades over the past 24 hours. Per CoinGlass data, Dogecoin came in as the third most liquidated digital currency, while XRP and Arbitrum make up the top five. The duo of Bitcoin and Ethereum holds a combined 65.4% dominance over the entire industry in terms of market cap and, as such, any form of sell-off in both assets has a way of trickling down to the entire pile of altcoins.
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