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Crypto Market in Red as Liquidation Hits More Than $200 Billion



Crypto Market in Red as Liquidation Hits More Than $200 Billion
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According to data from CoinGecko, the total market value is in the red as cryptocurrencies have shrunk by $216 billion since yesterday, dropping to just under $2.78 trillion.

After the leveraged derivatives trader was liquidated on November 11th, causing a $125 billion plunge, the massive loss marked the second time that month.

On-chain analyst Dylan LeClair has again fingered leveraged positions for today’s massive slump. As large crypto-assets continue to retreat from their recent all-time highs, overall market value has now fallen back to early November levels.

During Tuesday morning’s Asian trading hours, Bitcoin caused the market to become popular. At the time of writing, BTC is down 9.8% in the past 24 hours to around $59,000 despite pricing models like stock-to-flow predicting higher returns for Bitcoin before the end of this year, with a price target of $ 135,000.

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BTC/USD Trading Chart

Despite recent losses, the price of BTC has more than doubled since the transaction price started the year at around $29,000. According to data from Tradingview, the 50-day moving average has support near the price range of $58,800.

Bitcoin’s decline happened about a day after the Taproot privacy upgrade, which didn’t cause any issues.

Altcoins in the Red

As usual, the rest of the crypto market is being dragged down by the primary cryptocurrency. At the time of writing, Ethereum is down 10.71% over the day to $4,222. ETH also fell 11.2% from its all-time high of $4,878 on November 10th.

The altcoin market is currently in the red, and none of the top 50 tokens is profitable today. Binance Coin (BNB), Solana, Cardano, XRP, and Polkadot have all declined 6% to 11% in the past 24 hours.

Other altcoins like Litecoin (LTC), Chainlink (LINK) and (CRO) have fallen, even more, all falling more than 12% that day.

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