XRP, ADA, and SOL Tumble, Driving Liquidations Above $300M
The cryptocurrency market is in a freefall state, with numerous altcoins charting painful price declines over the past day and a few hours as well.
Bitcoin’s landscape is not that much better even though its dominance is increasing as the asset plunged to a two-week low of under $94,000 minutes ago.
Solana’s recent price performance has been particularly underwhelming. The asset, which lost some positioning to BNB, is down by 8% in the past 24 hours and more than 18% on a weekly scale. Moreover, it has shed about 40% of its value compared to the January high and is now down to its early November levels of under $170.
Cardano’s native token has also plunged hard in the past day, losing over 6% of value to under $0.75. Chainlink and Avalanche are deep in the red as well, with losses of up to 8%. Their prices are now down to $17.5 and $23.2, respectively.
Ripple’s cross-border token stole the show last week but has failed to capitalize on its momentum and has joined the pack with a 5% daily drop to just over $2.5. Ethereum was rejected at $2,800 earlier this week and is now fighting to stay above $2,600.
Litecoin is among the few exceptions from the larger-cap alts as it has posted a 3% increase, which has driven it to $125.
Bitcoin’s movements are also disappointing, as the largest cryptocurrency was stopped ahead of $97,000 earlier today and pushed south to under $94,000. This became its lowest price position since the early February crash when it plunged below $92,000.
The total value of wrecked positions is up to $330 million on a daily scale, according to data from CoinGlass. Over 140,000 traders have been liquidated within the same timeframe, and the single-largest order took place on Binance – it was worth $7.58 million.
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