• Crypto market capitalization dropped 3.5% in the past 24 hours following a decline in U.S. equity markets.
• Ether and Dogecoin led the slide among major tokens, falling more than 5%, while Bitcoin lost just 1.6%.
• Outside of majors, Avalanche (AVAX) and Lido (LDO) dropped 7.7% and 10%, respectively, while a few tokens traded in the green.
The crypto market has seen a marked pullback over the past day, with the market capitalization dropping 3.5% following a decline in U.S. equity markets. Ethereum and Dogecoin were the biggest losers among major tokens, both falling more than 5%, while Bitcoin’s losses were much smaller, dropping just 1.6%.
Among the altcoins, Avalanche (AVAX) and Lido (LDO) dropped 7.7% and 10%, respectively, ending a multi-week bump that saw the token’s value jump 135% in the past month. Meanwhile, a few tokens traded in the green, including those of interoperable blockchain platform Quant (QNT) and layer 1 network Aptos (APT), with both rising over 4%.
The pullback has led to a liquidation of upwards of $173 million in longs, or bets on higher token prices. Ethereum futures saw $86 million in liquidations, while traders of Bitcoin futures lost $46 million. The movements have caused some investors to take a breather after weeks of an uptrend.
The crypto market has seen a great deal of volatility lately, with some of the major tokens seeing major price swings. Bitcoin, for example, experienced a massive rally earlier in the month, climbing from around $30,000 to nearly $45,000. Ethereum and Dogecoin also experienced strong growth, jumping 30% and 600%, respectively.
However, the market has seen some pullbacks over the past few days, with Bitcoin dropping over 10% in the past 24 hours. Ethereum and Dogecoin have also seen some losses, although they are not as severe.
It remains to be seen if the market will continue to pull back in the short-term, or if the recent losses are simply a temporary drop before the market resumes its upward trend. In any case, investors should remain vigilant and watch for any potential signals of a sustained downturn.