Cryptocurrency prices continue to worry investors as they start September with another decline.
Current Market State
Bitcoin (BTC) has dropped to the $57,000 level, Ethereum (ETH), Solana (SOL), and XRP are also trading in the red zone. ETH fell by 2% to $2,430, SOL fell by 4.4% to $127, XRP fell by 2.5% to $0.54, and Dogecoin (DOGE) fell by 5.6% to $0.094. The global crypto market cap fell 1.71% today to $2.02 trillion.
Significant Market Liquidations
These declines caused a large number of long positions to be liquidated. According to Coinglass data, $163 million worth of leveraged trades were liquidated in the last 24 hours. $136 million of these were long positions and $26 million were short positions. In the last 24 hours, 58,050 investors got liquidated, with the largest single liquidation order occurring on Binance in the BTC/USDT trading pair. The value of the transaction was $10 million.
Altcoin Analysis
Altcoins also accompanied the decline in Bitcoin, with only four altcoins experiencing an increase in the last 24 hours. According to the data, Helium (HNT), Monero (XMR), Starknet (STRK), and FET were traded in the green area. On the other hand, memecoins were at the top of the altcoins that experienced the biggest decline in the last 24 hours. At this point, DOGS was in first place, followed by BEAM, BRETT and Dogwifhat (WIF).
The situation in the cryptocurrency market remains volatile, causing concern among investors. Liquidations and significant price fluctuations of cryptocurrencies can have a substantial impact on the overall market dynamics.
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