Bitcoin And Altcoin Crash As Over $220 Million Gets Liquidated

The Bitcoin price has been rising in the past month, reaching up to about $48,000 from the low of $30,000. Though the rise has been slow, it has also been steady with a few pullbacks on the way. Bitcoin once again pulled back to $45,000 in the last 24 hours and influenced a mass liquidation on the market.

Over $220 million of long positions have so far been liquidated on various exchanges in the last 24 hours. This led to a loss of over $100 million from the total crypto market cap. Bitcoin lost roughly 4% in the last 24 hours as a result, but it isn’t the only cryptocurrency affected.

Top altcoins also taking the heat

The liquidation of longs on several exchanges including ByBit, Binance Futures and OKEx also affected top altcoins. Ethereum dropped by over 6% to just over $3,000 after reaching a high of over $3,300 this week. Others that have experienced major drops are XRP which lost 8%, Dogecoin 10.5% and Polkadot 8.6%.

These mostly follow a similar market trend to Bitcoin, so it is not unusual for them to crash alongside the top cryptocurrency. Meanwhile, they have also grown significantly with XRP leading the way. Earlier this week, the embattled XRP gained over 65% and the price reached over $1.30.

Market sentiment remains bullish

Despite the pullback due to the liquidation, the general market sentiment remains bullish. This is not to say that all cryptocurrencies will recover at the same time. In fact, there are several that have lagged behind despite the bullish sentiment which is also usual as all assets cannot rise at once. The top assets though are likely to continue growing after this break as Bitcoin continues to drag them along.