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The cryptocurrency market continues declining following the crash that happened late last week. The total capitalization was pushed below $2.6 trillion on the back of significant losses by Bitcoin an most of the altcoins.
Bitcoin’s Price Plummets Toward $67K
At the time of this writing, BTC is trading at around $67,500, having plunged all the way down to around $67,200 on Binance. The move paints a 2.7% decline in the past 24 hours.
Data from the popular analytics resource Coinglass shows that the total liquidations for the past 24 hours stand at around $170 million. Most of them, expectedly, are long positions. In fact, over 92% of all positions across the leading derivatives platforms are longs. Leading is Binance with around $65 million of total liquidations, followed by OKX and Huobi.
Some Altcoins Have It Worse
A lot of the large-cap altcoins are painting steeper declines compared to Bitcoin. As seen in the chart below, SOL is down 3.6%, SHIB is down 3.6%, ETH – 3.7%, PEPE – 3.8%, TON – 3%, BNB – 5%, and so forth.
As CryptoPotato reported earlier, meme coins are going through a bloodbath as well. Coins like PEOPLE, PONKE, BRETT, DOGE, FLOKI, SHIB, and others – are all trading well in the red.
It’s interesting to see if this is a short-term correction or if the decline will continue throughout the rest of the summer months.
Meanwhile, today’s best performer is Injective (INJ), which increased by 10%. This follows an announcement of improved tokenomics that took place a few days ago.
The popular TON-based meme coin Notcoin (NOT) is the one that plunged the most out of the top 100. NOT is down 14.7% in the past 24 hours. Wormhole and BRETT follow suite with 11.6% and 9.4% declines, respectively.