$100B Erased in 12 Hours as Bitcoin, Ethereum, and Altcoins Sink in Sudden Crypto Sell-Off
Key Takeaways:Crypto Market Cap Slides as Red Spreads Across the BoardBitcoin Breaks Key Levels, Triggers Chain ReactionAltcoins Follow as Correlation Spikes
Altcoins were a swift succession of Bitcoin. Ether fell over 3%, which was indicative of risk aversion across the market, as well as less interest in leveraged trades. XRP has been dropping nearly 4% and Solana by more than 6%, which is not doing well compared with the majors.
Correlations between crypto assets had gone up drastically during the sell-off. This is common when markets are under stress, diversification benefits are going to disappear and traders are viewing crypto as a risk bucket.
Even smaller percentage losses were experienced by smaller tokens. The thinness of order books and low depth of bids exposed the prices to abrupt sell orders, particularly during the off-peak hours.
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