The cryptocurrency market continued its downward spiral on Thursday, with altcoins taking the heaviest losses after Bitcoin tumbled to $105,000.
The total crypto market capitalization has now fallen to $3.53 trillion, down over 6% in a single day, as investor sentiment swings sharply toward fear.
Ethereum, BNB, Solana, and XRP all suffered steep declines amid a wave of forced liquidations. Ethereum dropped to $3,733 after losing nearly 7% in 24 hours, while BNB slumped over 11% to $1,049. Solana fell 8.3% to $176, and XRP declined by more than 7% to $2.22. Cardano also joined the sell-off with a 10% loss, trading at just above $0.60.
The selling pressure comes as more than 309,000 traders were liquidated in the past 24 hours, with total liquidations exceeding $1.2 billion. According to data from Coinglass, long positions accounted for nearly $944 million of the wipeouts, while shorts saw about $261 million in forced closures.
Bitcoin and Ethereum were the hardest hit, with $414.5 million and $268.8 million in liquidations respectively. Solana followed with over $105 million cleared, while XRP and Dogecoin each saw around $25–30 million in positions erased.
The largest single liquidation occurred on Hyperliquid involving an ETH-USD trade worth approximately $20.4 million, underscoring the scale of the recent market stress. Analysts say the surge in liquidations amplified the sell-off as cascading stop orders triggered additional downward momentum across major altcoins.
Market sentiment has also deteriorated rapidly. The Crypto Fear and Greed Index has plunged to 28, signaling “fear” territory, compared to a neutral 54 just a week ago. The index’s sharp drop highlights the panic gripping traders who only weeks ago were betting on a year-end rally.
The total market downturn follows days of volatility linked to macroeconomic uncertainty and speculation around policy changes. While Bitcoin’s fall to $105,000 has captured headlines, it’s the altcoins that have borne the brunt of the downturn, with many now trading 15–25% lower than last week.
Investors are now watching whether Bitcoin can stabilize near the $100,000 threshold, a key psychological level that could determine whether the correction deepens further. For now, the market remains on edge, with traders cautious about further downside risk as liquidation pressure lingers and sentiment remains fragile.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/altcoins-plunge-as-1-2-billion-in-liquidations-rattle-crypto-markets/