The digital currency ecosystem is currently entering a bearish session, as the combined crypto market capitalization reversed its growth by 3.57% to settle at $1.22 trillion. In what could easily have been foreseen, there has been an ongoing sell-off in the market which, according According to CoinGlass data, it has now surpassed $249 million in the last 24 hours.
In general, there has been subtle volatility in the industry over the last 24 hours, as both Bitcoin (BTC) and Ethereum (ETH) lost his crucial support at $30,000 and $2,000, respectively.
According to the liquidation data, more Ethereum tokens have been liquidated in the last 24 hours, as more than 29,000 ETH have been liquidated with an approximate value of $58.04 million. Bitcoin follows with over $53.6 million in total liquidations within the time frame.
Based on on-chain observations, the bearish action seen in both the BTC and ETH markets can be attributed to the impending sale of the asset after both hit multi-month highs in recent days. It is not uncommon to print price slides like this, and corrections are seen as a healthy turn for a more bullish bounce.
Featured Altcoins in Liquidations
Based on the broader market perspective at the moment, more altcoins also saw significant liquidations of long futures trades in the last 24 hours. According to CoinGlass data, Dogecoin (DOGE) ranked as the third most-settled digital currency, while XRP and Arbitrum (ARB) make up the top five.
The Bitcoin and Ethereum duo have a combined 65.4% dominance over the entire industry in terms of market cap, and as such any form of liquidation of both assets has a way of trickling down to the entire altcoin stack.
Amid the sell-off and near-term price outlook, analysts and market leaders are still mostly bullish in the two main cryptocurrencies.
